New Report: Mortgage lending disparities persist
Posted by on November 26, 2004
On October 14, ACORN released a mortgage lending study that shows evidence of increased lending disparities.
Nationally, the study found that even upper-income African-Americans were more than twice as likely (2.6 times) to be turned down than upper-income whites. Findings also show that larger gains in lending to minorities and lower income people were made in the earlier 1993-1998 time period, while disparities increased in the more recent five years since 1998. Although, lending to minorities and lower income families has increased, it is still at low levels compared to their share of the population and the quality of these loans has changed.
To read the full report, including state-by-state comparisons of 120 metropolitan areas, visit: http://www.acorn.org/index.php?id=2798
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