Mortgage Companies Reluctant to Give to Minorities During Recession | BlackNewsTribune.com
Marion Cunningham
1 min read
A new study by the Federal Financial Institutions Examination Council reports that Blacks and Latinos are denied mortgages more than two times the rate of whites.
Blacks were denied mortgages 36.1 percent of the time in 2008, while Hispanics could not get a loan 31.1 percent, according to the data. Whites had denial rates of 13.6 percent, according to an article on CNNMoney.com
The reason, according to experts is the collapse of the sub-prime lending industry.
The study is using data compiled from 2008.
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