Across America, nearly two-thirds of mortgage lenders denied home loans for people of color at higher rates than for white people. But among the 6,600 U.S. lenders, some banks stood out for.
African-Americans and Latinos are being disproportionately denied mortgage loans from eight major banks in comparison with white Americans. The disparity points to a major racial bias in bank mortgage lending across the US.
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.
Hispanic mortgage applicants were denied loans at twice the rate of non-Hispanic white applicants in 2013 (22% vs. 11% denial rates), and in the same year, Latinos accounted for only 7.3% of purchase mortgages, even though they make up 17% of the U.S. population, according to the report. (The report uses Hispanic and Latino interchangeably.)
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A report from the Center for Investigative Journalism, a nonprofit organization founded in 1977, revealed that many banks are still refusing loans to African Americans and Latinos of good credit standing relative to the number of loans granted Whites of the same standing. The banks contacted denied any discrimination.
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A series of self-inflicted wounds began with the revelation that the bank. and Latino borrowers toward high-cost and high-risk loans but that many of the applicants in question had high credit.
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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.
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