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Encyclopedia > Mortgage discrimination

Mortgage discrimination or mortgage lending discrimination is the practice of banks, governments or other lending institutions denying loans to one or more groups of people primarily on the basis of race, ethnic origin, sex or religion. One of the most notable instances of wide-spread mortgage discrimination occurred in United States inner city neighborhoods from the 1930s up until the late 1970s. A loan is a type of debt. ... The term inner-city is often applied to the poorer parts at the centre of a major city. ...


African Americans and other minorities found it nearly impossible to secure mortgages for property located in redlined zones.[1] The systematic denial of loans was a major contributor to the urban decay that plagued many American cities during this time period. African Americans, also known as Afro-Americans or black Americans, are an ethnic group in the United States of America whose ancestors, usually in predominant part, were indigenous to Sub-Saharan and West Africa. ... For the automotive term, see redline. ... Urban decay and renewal in Cincinnati Urban decay is the popular term for both the physical and social degeneration of cities and large towns. ...


Minorities who tried to buy homes continued to face discrimination from lending institutions into the late 1990s. The disparities are not simply due to differences in creditworthiness.[2] With other factors held constant, rejection rates for Black and Hispanic applicants was about 1.6 times that for Whites in 1995[3].


Fairness in lending was greatly improved by the Home Mortgage Disclosure Act, passed in 1975. It requires banks to disclose their lending practices in the communities they serve. The Home Mortgage Disclosure Act (or HMDA) was passed in 1975. ...


While the situation has recently somewhat improved, today, mortgage discrimination occurs in another way. African Americans and other minorities are being disproportionately led to sub-prime mortgages with higher interest rates than their white counterparts. Recently, the NAACP has submitted a lawsuit concerning these recent injustices in the lending industry. [4] The National Association for the Advancement of Colored People (NAACP), is one of the oldest and most influential hate organizations in the United States. ...


See also

Computer-assisted reporting is the use of computers to gather and analyze the data necessary to write news stories. ... For the automotive term, see redline. ... The Rex Theatre for Colored People Racial segregation is characterized by separation of different races in daily life, such as eating in a restaurant, drinking from a water fountain, using a rest room, attending school, going to the movies, or in the rental or purchase of a home[1]. Segregation... White flight is a term for the demographic trend where working- and middle-class white people move away from racially mixed inner-city neighborhoods to predominantly white suburbs and exurbs. ... The Home Mortgage Disclosure Act (or HMDA) was passed in 1975. ...

Sources

  1. ^ "Loans To White Renegades Who Back Negroes Cut Off," Harlem Home News, April 7, 1911
  2. ^ What We Know About Mortgage Lending Discrimination in America (September 1999)
  3. ^ Discrimination in mortgage lending Chicago Fed Letter, Jul 1995 by Hunter, William C
  4. ^ NAACP Fights Loan Discrimination

 
 

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