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Several class action mortgage discrimination claims have been filed against lenders across the country, alleging that those lenders disproportionately targeted minorities for high cost, high risk subprime lending, which has resulted in disproportionately higher rates of default and foreclosure for minority African American and Hispanic borrowers.
The Equal Credit Opportunity Act of 1974 and Community Reinvestment Act of 1977 helped with discrimination in mortgage lending and lenders' problems with credit needs. [20] The Fair Housing Amendments Act of 1988 was passed to give the federal government the power to enforce the original Fair Housing Act to correct past problems with ...
History of mortgage discrimination Housing and mortgage discrimination is an issue that has impacted the homebuying landscape in America for more than a century.
African American and Hispanic mortgage holders are 1.5 to 2.5 times more likely to pay 9% or more on interest. Krivo and Kaufman calculate that the African-American/White gap in mortgage interest rates is 0.39%, which translates to a difference of $5,749 on the median home loan payment of a 30-year mortgage of a $53,882 home.
Key insights. Housing discrimination is the act of treating or acting differently towards residential buyers or renters or homeowners solely because of physical or biological features, including ...
It was fined $250 million in 2021 for failing to address problems in its mortgage business, and more recently paid $3.7 billion for consumer abuses on products including home loans.
Black homeownership is often caught up in the institutional failures of the past and the continued transgressions today.
Housing discrimination refers to patterns of discrimination that affect a person's ability to rent or buy housing. This disparate treatment of a person on the housing market can be based on group characteristics or on the place where a person lives.