EXCLUSIVE: After little progress on lending discrimination, a mortgage fairness crisis looms

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You have a fair shot at getting a mortgage – if you’re white or Asian. For every other race, 'mortgage fairness,' which is already at low levels, could be sinking further.

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Since the 1950s, predatory land contracts have targeted Black homeowners. Sonja Bonnett became a housing activist after a land contract led to a foreclosure.You have a fair shot at getting a mortgage – if you’re white or Asian. For every other race,"mortgage fairness," which is already at low levels, could be sinking further. 1990 to 2021 through the Home Mortgage Disclosure Act.

“We're in the middle of a mortgage fairness crisis today,” FairPlay CEO/founder and report co-author Kareem Saleh told USA TODAY. “It's not going to show up for another several months until these lenders are forced to report this data sometime in 2023. But the unfairness is happening now.”homeownership gap

"Our technologies, our credit scoring systems, our automated underwriting systems, our risk-based pricing systems, our appraisal valuation system are all systems that are inequitable by design," said Rice, who said she was not surprised by the study findings. “And those systems haven't been changed. So we're still working within the confines and the limitations of those biased structures to try and to give people access to credit.

"We think it's possible that more of the mortgage origination companies in those areas are themselves owned by Hispanics and it's possible that owners of those mortgage companies are more attuned to underwriting Hispanic populations," says Saleh."It's also possible that Hispanic applicants are more likely to shop around than Black applicants.

The 46-year-old single mother from Aurora, Illinois, says her dream of owning a home finally felt within reach. But it turned out to be a short-lived feeling. The 2021 fairness bump, Saleh believes, was due to support programs put in place over the course of the pandemic that could be credited with improving fairness, at least temporarily for certain groups.

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Not True, you just can't have a free one .

EndRacism

🥱🥱

Mortgage approvals are determined by credit worthiness not race🙄

I'm done reading race-baiting articles.

Mortgage application doesn't ask for race and underwriters never know.

Just watch *.

I joined the Army and deployed. Got out and married a good woman. We got a VA loan for my first house. I worked as a laborer. Had a kid. Worked my ass off and got a degree. Lived modestly and paid off my debts. 800+ credit score took decade of work. But yeah, it’s cuz I’m white

Indeed. Let’s bring back subprime mortgages cuz that worked out well.

Could it be that some people have more income, assets, and are better credit risks than others?

BIGOTED STATEMENT: TRUTH IS: You have a fair shot at getting a mortgage if you worked hard for many years, saved your money, have collateral, bank balance, good job --- THEN YOU HAVE A FAIR SHOT AT MORTGAGE, ANY RACE OR COLOR!

This is the line that literally led to the 2008 housing crash.

Our race-crazy news media like USA Today and The New York Times have obviously learned nothing from the financial crisis of 2008 the cause of which was giving mortgages to people who could not afford them and when they stopped paying them off, The Great Recession began.

Just stop....

Enough of the race bating we have laws against discrimination use them If there is discrimination otherwise stop the nonsense move on this is America

Then why do I have Indian, Black, and Hispanic neighbors in my $500k + neighborhood? Something isn't lining up. Are they not who they appear to be?

Mortgages are racist?

You have a fair shot at a good mortgage if you have a good credit rating and history. Doesn’t matter your race

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