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Both purchase and refinance loans show disparities along racial lines, new research finds.
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Scooped by Al Cannistra |
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GIVEN THE HYSTERIA OF THE 2020 MOMENT…. Have to wonder if REALTOR.com and Lending Tree are suggesting that the folks who approve mortgages are illegally discriminating and applying different rules to different races – OR – is it that the rules are being applied on a level and legal basis to ALL, but the folks who are filing applications do not have funds, income or resources to qualify according to the rules? To suggest “racial barriers to homeownership may be evident” seems to fill a predetermined point the author attempted to make.
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Reading further into the article “The cities with the largest disparities between the rate of Black home buyers denied mortgage loans compared to the overall rate for mortgage purchase loans are Milwaukee, St. Louis, and Cleveland, the study shows. On the other hand, the metros with the smallest spread are in Sacramento, Calif., Seattle, and San Diego.” That comment would suggest that the disparity is not prevalent in more wealthy cities where people of all races have more money, are more likely to qualify and that there is NO racial barriers after all. The barrier is simply economic.