The Nation's Housing Finance System Remains Closed to African-American & Latino Consumers Despite Strong Economic Recovery in 2015
The 2015 mortgage data submitted by lenders under the Home Mortgage Disclosure Act (HMDA) reflects a market that troublingly continues to underserve important market segments. For people of color and low- to moderate-income families, access to credit remains tight. The data shows how lenders and secondary market actors underserve these consumers even as large banks continue to have access to U.S. Treasury funds at historically low rates. African-American, Hispanic, and low- to moderate-income borrowers all received a low share of home purchase loans and were more likely to be served by...