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.
Not everyone is participating in the ongoing recovery buoying the Valley housing market. According to a new report released this week by a Bay Area public policy research institute, many African American, Latinos and Hispanic borrowers in Fresno continue to be denied access to mortgages.
A shocking new investigation by Reveal and the Center for Investigative Reporting has uncovered evidence that African Americans and Latinos are continuing to be routinely denied conventional mortgage.
Banks find loopholes to deny blacks and Latinos home loans at twice the rate of whites. Of the total home mortgage loans originating in Petworth, 80% of white applications were approved while only 44% of those from African Americans were. Source: Reveal analysis of Home Mortgage Disclosure Act data, US Census Bureau.
For people of color, banks are shutting the door to homeownership. African Americans faced the most resistance in Southern cities – Mobile, Alabama; Greenville, North Carolina; and Gainesville, Florida – and Latinos in Iowa City, Iowa.
Mortgage discrimination or mortgage lending discrimination is the practice of banks, governments or other lending institutions denying loans to one or more groups of people primarily on the basis of race, ethnic origin, sex or religion.. Instances of mortgage discrimination occurred in United States inner city neighborhoods from the 1930s and there is evidence that the practice continues to a.
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Detroit-area blacks twice as likely to be denied home loans. African Americans faced the most resistance in Southern cities – Mobile, Alabama; Greenville, North Carolina; and Gainesville, Florida – and Latinos in Iowa City, Iowa.
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The data shows the bank received 41 percent of local Latino applications but reported issuing 68 percent of the Latino denials. Home Mortgage disclosure act records show that the bank denied 15 of.
Capital One has agreed to pay $2.85 million in damages to settle allegations that Chevy Chase Bank – which it purchased in 2009 – charged African American and Hispanic mortgage. by the unfair.
For most of this period, discrimination took the form of redlining-denying loans to African Americans who had qualifications similar to those of successful white borrowers, and of denying loans for homes in neighborhoods where African Americans predominated.