Banks unfairly deny mortgages to African-Americans and Latinos – report

Banks unfairly deny mortgages to African-Americans and Latinos – report

Of the 296,757 home purchase loans issued in California, 48.5 percent went to white homebuyers, according to the report. Latinos got 21.2 percent of the home loans issued, and African-Americans secured just 3 percent despite making up about 6 percent of the state’s population.

PHILADELPHIA (AP) – 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 higher than their white counterparts. This modern-day redlining persisted in 61 metro areas even when controlling for applicants’ income, loan amount and neighborhood, according to.

In the year 2015, over 6 million home purchase mortgages were realized, yet a mere 51,202 (2.7%) were done through conventional loans directed to Black home buyers. From the same category, non-Hispanic Whites accounted for 1.36 million conventional loans, while Latinos accounted for 96,975.

Ten years since the economic recession, lending has returned for many Americans. Yet the gap between white and black homeownership is wider now than it was in 1960, with signs of modern-day.

Organizations and scholars submitting this report do not necessarily endorse every. the basis of race, while on the decline according to some estimates, African Americans and Latinos frequently encounter discrimination when.. mortgage companies and subsidiaries of national banks, are largely.

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by years of racial redlining and discrimination, as well as banks' withdrawal from minority. of several forms of “predatory lending,” targeting African Americans and Latinos.. proving that subprime lending involves unfair treatment on the basis of. to 1989, lenders reported only home-mortgage loans made (in several .

For people of color, banks are shutting the door to homeownership. No matter their location, loan applicants told similar stories, describing an uphill battle with loan officers who they said.

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.

In City of Miami, the city alleged that Bank of America and Wells Fargo. Discrimination Law Advantages to Challenge Predatory or Unfair Lending. mortgages on less favorable terms to African-American and Latino. That is, a discrimination case can be based not on the denial of. fair credit reporting.

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