Minority Home Mortgage Lending In Greater New York

The paper illustrates that, while minority homeownership rates have increased, blacks and other minorities are often still denied mortgages at a higher rate than whites, face higher costs for credit, and are more vulnerable to foreclosure.

1 minute read

December 7, 2001, 9:00 AM PST

By Abhijeet Chavan @http://twitter.com/legalaidtech


The past decade witnessed remarkable improvements in minority access to mortgage credit. During this same period, however, concerns about the quality of that credit have become more salient. Using HMDA data, this paper examines the challenges still facing black and Hispanic households in the mortgage market, as viewed from the vantage point of the greater New York metropolitan area. The paper illustrates that, while minority homeownership rates have increased, blacks and other minorities are often still denied mortgages at a higher rate than whites, face higher costs for credit, and are more vulnerable to foreclosure. The author argues that CRA is not equipped to fully address these issues, and other legislative and regulatory actions may be required. [Complete 34-page report available online.]

Thanks to Kurt Sommer

Thursday, December 6, 2001 in The Brookings Institution

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