On Anniversary of Passage of Voting Rights for Women, New Report Details Experience of Minority Women in the Subprime Lending Market and Disparate Treatment by Race
Published In: District of Columbia, National 
Thursday, June 4, 2009 12:45 PM
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Fair access to credit remains an illusive ideal for many borrowers

WASHINGTON, June 4 /PRNewswire-USNewswire/ -- 90 years after the passage of the 19th amendment by Congress, a new report for the National Council of Negro Women researched by the National Community Reinvestment Coalition (NCRC) shows that African-American and Latino women continue to receive disparate treatment in the mortgage lending process. The report, Assessing the Double Burden: Examining Racial and Gender Disparities in Mortgage Lending, demonstrates that minorities continue to be much more likely to receive high-cost home mortgage loans than their white counterparts. In many instances, disparities by race widened as income levels increased, one of many indicators that discrimination remains a reality in home mortgage lending, as reports by the Federal Reserve and others have documented.

"The financial crisis has demonstrated that the key to a robust and sustainable economy is the inclusion and full participation of all households in an efficiently functioning and responsible financial system," said John Taylor, president and CEO of the National Community Reinvestment Coalition. "African Americans and Latinos continue to be treated unfairly when receiving a loan. This report documents troubling lending disparities that threaten to undermine the wealth and security of the most financially vulnerable Americans."

Dr. Avis Jones-DeWeever of the National Council of Negro Women adds, "In an era of change, this report shows that there is still much more work to be done. Given the importance of homeownership to families and entire communities, it becomes clear that we simply cannot rest until every person, regardless of race or gender, is treated fairly at every stage of the mortgage lending process. Results like those uncovered by this study make it painfully clear that for far too many, fair treatment in mortgage lending remains an elusive and still unfulfilled goal."

The report examined data collected under the Home Mortgage Disclosure Act for the year 2007 (the latest year for which data is publicly available) for 100 of the largest Metropolitan areas (MSAs) in the country. The report includes a ranking of MSAs by worst overall disparities. Among the findings:

-- Middle- and upper-income African-American females were at least twice as
likely to receive high-cost loans as middle- and upper-income white
females in more than 84 percent of the MSAs
-- Low- and moderate- income African-American females were at least twice
as likely to receive high-cost loans as low- and moderate-income white
females in 70 percent of the MSAs
-- Middle- and upper-income Hispanic females were at least twice as likely
to receive high-cost loans as middle- and upper-income white females in
almost 62 percent of the MSAs
-- Low- and moderate-income Hispanic females were at least twice as likely
as low- and moderate-income white females to receive high-cost loans in
32 percent of the MSAs.
-- The report found that the ten worst MSAs for overall lending disparities
by were:


1. Raleigh-Cary, NC
2. Minneapolis-St. Paul-Bloomington, MN
3. Milwaukee-Waukesha-West Allis, WI,
4. Bridgeport-Stamford-Norwalk, CT
5. Washington-Arlington-Alexandria, DC,
6. Chicago-Naperville-Joliet, IL,
7. Cleveland-Elyria-Mentor, OH,
8. Hartford-West Hartford-East Hartford, CT,
9. Oakland-Fremont-Hayward, CA
10. Philadelphia, PA.

The full report can be downloaded at www.ncrc.org.

The National Community Reinvestment Coalition is an association of more than 600 community-based institutions that promote access to basic banking services, including credit and savings, to create and sustain affordable housing, job development, and vibrant communities for America's working families.



SOURCE National Community Reinvestment Coalition

 
Thursday, June 4, 2009 12:45 PM

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