· According to a new report that just came out from the Center for Investigative Reporting and Reveal, in 2015 and 2016, nearly two-thirds of mortgage lenders denied loans for people of color at higher rates than for white people. This problem affects both big lenders and small lenders.
This comes after a recent investigation by Reveal found African-American mortgage applicants. one of the largest banks headquartered in Southern California, they helped exactly three African.
Fifty years after the federal Fair Housing Act banned racial discrimination in lending, African Americans and Latinos continue to be routinely denied conventional mortgage loans at rates far.
The bank turned away 26 percent of African Americans and 18 percent of Latinos who sought conventional home purchase loans in 2015 and 2016. It denied 7 percent of applications. amy walters.
For people of color, banks are shutting the door to homeownership. African Americans and Latinos continue to be routinely denied conventional mortgage loans at rates far higher than their white counterparts.. teachers, nurses and union craftsmen. Yet in every year from 2012 to 2016, banks.
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duPont-Columbia University Award for Kept Out, a multiplatform investigation that exposed a pattern of troubling home mortgage denials to African Americans and Latinos. banks to give a second look.
“During the financial crisis, taxpayers of all colors together paid for the bailout of banks,” Bailey continued. “Now and years later to see that African Americans and Latinos remain overly dependent upon FHA to access mortgages is a sign of unfair treatment,” continued Bailey.
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The Hampton Roads region was one of 61 areas, one of only two in Virginia, where African Americans. lenders denied conventional home loans for african american applicants 2.4 times more than white.
A report from the Center for Investigative Journalism, a nonprofit organization founded in 1977, revealed that many banks are still refusing loans to African Americans and Latinos of good credit standing relative to the number of loans granted Whites of the same standing. The banks contacted denied any discrimination.
Why Blacks and Hispanics Have Such Expensive Mortgages.. Because banks and other lenders direct these groups toward high-risk, high-priced products. The result is, in part, that blacks and.