,,,black households were widely targeted by predatory lenders. Building on a major joint report from the U.S. Department of Housing and Urban Development and the Treasury Department, the researchers found that more than half of home-refinance loans for poorer African Americans were subprime, while black households were more than twice as likely as white households with comparable incomes to receive subprime loans. Now, a new tool from the Urban Institute shows the other shoe dropping. Today, with interest rates low and policies in place that favor new homebuyers, credit is disproportionately unavailable for minorities. The households hit hardest by the housing crises have been effectively locked out of the recovery. The Urban Institute has released its data in the form of an interactive map to show exactly where that other shoe has dropped. The interactive map tracks some 100 million mortgages over 12 years using home price index data from CoreLogic as well as public data provided via the Home Mortgage Disclosure Act. According to lead researchers Taz George and Bing Bai, The combined number of African-American and Hispanic mortgages rose 83 percent from 2001 to 2006, and then it plummeted 68 percent over the next three years.
Posted on: Thu, 18 Sep 2014 14:00:33 +0000