mortgage lending

Unequal Opportunity: Disparate Mortgage Origination Patterns for Women in the Chicago Area

Using available Home Mortgage Disclosure Act (HMDA) data and controlling for loan-to-income ratios, we find significant disparities in access by women across racial and ethnic groups to mortgages for purchasing and refinancing their homes as compared to men. These findings raise concerns about the growing income and wealth gap for women and illustrate the need for improvements in HMDA data collection and fair lending enforcement.

 

press release

Paying More for the American Dream VI: Racial Disparities in FHA/VA Lending

The report analyzes 2010 HMDA data on home purchase and refinance lending by loan type in seven metropolitan areas: Boston, Charlotte, Chicago, Cleveland, Los Angeles, New York City, and Rochester, NY. The report concludes with recommendations to promote fair lending and access to sustainable credit in communities of color.

 

press release

Struggling to Stay Afloat: Negative Equity in Communities of Color in the Chicago Six County Region

Struggling to Stay Afloat

It finds that negative equity is disproportionately concentrated in the Chicago region’s African American, Latino, and majority minority neighborhoods, and that borrowers in communities of color have much lower equity than do borrowers in predominantly white communities. This report concludes with recommendations to reduce the impact of declining property values and the number of homeowners with negative equity, including broader use of principal reduction loan modifications and short sales.

Data stories: How more Americans are becoming renters

‘Keeping current homeowners in their homes should be a top priority,” said Sarah Duda, senior research and project associate at the Woodstock Institute, a nonprofit research firm and financial reform advocate. ‘Preserving the opportunity for people to purchase a home, particularly while affordability in the ownership market is high, is also important. Requiring meaningful loan modifications and making mortgage credit available, safe and affordable for renters who are ready and willing to buy their first home will be most helpful at this time.’”

From the President: Growing Racial Wealth Gap Adds to Concerns about High Down Payment Proposed in QRM Rule

Written by Dory Rand on June 28, 2011 - 11:00am

Key policies of the last decade, such as the Bush Administration’s “Ownership Society,” sought to expand homeownership opportunities without putting in place effective safeguards against unchecked and unscrupulous lenders targeting communities of color with unsustainable mortgage products.  Rather than correct this regulatory failure, many critics have chosen to  question the viability of homeownership as a wealth-building vehicle and suggest that many people are better off renting their home.

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