Report: Minority Women Receive Unfair Rates

n American and Hispanic women continue to receive disparate treatment in the mortgage lending process, a new report shows. Researched by the National Community Reinvestment Coalition (NCRC) and provided to the National Council of Negro Women, ‘[u][link=http://ncrc.org/images/stories/supportNCRC/incomenosheild05.pdf]Assessing the Double Burden: Examining Racial and Gender Disparities in Mortgage Lending[/link][/u]’ demonstrates that minorities are much more likely to receive high-cost home mortgage loans than their white counterparts. In many instances, disparities in 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. "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," says Avis Jones-DeWeever of the National Council of Negro Women. "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 statistical areas (MSAs) in the country. The report includes a ranking of MSAs by worst overall disparities. Among the findings: [list]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% 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% 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% of the MSAs; and *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% of the MSAs.[/list] The report also lists the worst MSAs in terms of lending disparities. Raleigh-Cary, N.C., topped the list, followed by Minneapolis-St. Paul-Bloomington, Minn.; Milwaukee-Waukesha-West Allis, Wis; Bridgeport-Stamford-Norwalk, Conn.; and Washington, D.C.-Arlington, Va.-Alexandria, Va. SOURCE: National Community Reinvestment Coa

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