Urban Institute: Mortgage denials for black borrowers worse than thought

On the Issues with Mike Gousha | Program | Matthew Desmond Banks and mortgage brokers are accused of charging black and latino borrowers higher fees than whites and offering them inferior loan products during the housing boom.. Years-after-exposure.

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Some say this insurance industry practice is especially discriminatory to black people -tantamount to "redlining. discrimination by insurance companies is any worse in southeast Michigan than in.

Similarly, researchers from the Urban Institute. higher-rate loans than white borrowers," even after factoring in "legitimate" risks. Within the criminal justice system, racial disparities are no.

The mortgage application denial rate, which is calculated from Home. composition of borrowers along with how loose or tight credit standards are. Higher. Then, for loans originated at any given time, their expected default risk. According to HMDA data, blacks submitted 826,808 mortgage applications in 2006, of which.

For observers such as the Urban Institute, however, expanding access to mortgage credit is more than just policy – arguing instead that it can affect livelihoods. By restricting mortgages to borrowers with only pristine credit scores or little debt, they say, lenders can deprive low- to middle-income people from the opportunity to accumulate.

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characteristics, Asians have denial rates as high as other minority groups. 2015 Elsevier Inc. All. of purchase money mortgages than either African Ameri-.

Urban Institute: Without good credit, most Americans would find it difficult to rent an apartment, respond to an emergency, or qualify for a mortgage. Yet, more than one-quarter of Americans have poor credit or no credit score. At the same time, people with credit are often conflicted and uncomfortable with how entangled it is with debt.

By contrast, the share of white borrowers increased more than 3 percent from 2001 to 2012 and now account for 71.2 percent of mortgage loans. From 2001 to 2012, the number of loans that went to black borrowers decreased by 55 percent while the number of loans to Whites dropped 41 percent, with most of the losses occurring after 2005.

So, the review found that 245 more borrowers were falsely denied a modification, while an additional 145 borrowers lost their homes when they shouldn’t have. Wells Fargo disclosed in the SEC filing that a review of its use of a mortgage modification underwriting tool found a "calculation error" that affected certain mortgages that were in.

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