Lending Patterns in Philadelphia Not Much Better Than in the 1930s
Posted by Center for Investigative Reporting on March 26, 2018
Reveal Report Finds Lending Patterns in Philadelphia Not Much Better Than in the 1930s
Reveal, a publication of the Center for Investigative Reporting, has released the findings from their yearlong investigation into mortgage lending practices in 61 metro areas in the U.S. Their reporting, which was shared by PBS News Hour, WHYY Plan Philly, the Associated Press, and the New York Times focused specifically on Philadelphia as one of the largest cities in America where African American or Latino applicants were disproportionately denied home mortgage loans.
An important sidebar to the mortgage lending story was their finding that existing homeowners trying to access home improvement loans experienced similar patterns of inequity. Despite rising property values, longtime residents in neighborhoods across the city who have lower income or credit scores cannot obtain loans to repair their homes and this puts them at risk of displacement.
The story of 58-year-old Adrienne Stokes of Point Breeze, who was denied a $30,000 home repair loan due to a low credit score – despite having $200,000 of equity in her home – underscores the need for a fair and accessible loan program. Full story here.
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