A joint report by:

California Reinvestment Coalition, Community Reinvestment Association of North Carolina, Empire Justice Center, Massachusetts Affordable Housing Alliance, Neighborhood Economic Development Advocacy Project, Ohio Fair Lending Coalition, and Woodstock Institute

This report analyzes 2007 Home Mortgage Disclosure Act data and finds that, in low- and moderate-income communities, depositories with CRA obligations originate a far smaller share of higher-cost loans than lenders not subject to CRA.  It also finds that lenders covered by CRA are much less likely to make higher-cost loans in communities of color than lenders not covered by CRA.

This report, released by a national coalition of research, policy and advocacy organizations, examined mortgage lending patterns of banks in seven metropolitan areas and found a dramatic decrease in prime home purchase and refinance loans to communities of color. The report includes appendices for each metropolitan area and policy recommendations.

press release

Paying More for the American Dream V examines changes in conventional refinance lending between 2008 and 2009 in seven metropolitan areas: Boston, Charlotte, Chicago, Cleveland, Los Angeles, New York City, and Rochester, NY. It also compares 2009 loan denial rates across neighborhoods. In all seven cities analyzed, lenders denied loan applications at significantly higher rates in communities of color than in predominantly white neighborhoods. The report concludes with policy recommendations to improve access to sustainable credit in communities of color.

press release | briefing (mp3)

Jim Campen, Saara Nafici, Adam Rust, Geoff Smith, Kevin Stein, and Barbara van Kerkhove

This report demonstrates that African-American and Latino borrowers are paying more than their white counterparts for home purchase loans in six geographic areas:  Boston, Charlotte, Chicago, Los Angeles, New York, and Rochester.  This review of federal lending data shows dramatic disparities.  For example, in New York, African-American borrowers were five times more likely to receive higher-cost home purchase loans than were white borrowers.