The 2013 mortgage data submitted by lenders under the Home Mortgage Disclosure Act (HMDA) reflects a slowly recovering mortgage market that troublingly continues to under-serve important market segments. People of color and low and moderate-income families continue to receive a far lower share of mortgage loans than they have historically and than would be expected based on the composition of the population. These borrowers also are more likely to be served by government-backed loan programs than by the conventional market. The persistent failure of the private mortgage market to serve these borrowers is a troubling sign as it has been projected that nearly half of firsttime homebuyers in 2025 will be households of color.

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