Black Money Business Jobs : Redlining Black Lives

asmith161718

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Dec 31, 2009
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Homeownership is the 'charter school' for adults. If the government could intervene to finally alleviate this problem it will be kind of like an indirect, direct payment towards reparations for black people.








Modern-day redlining: How banks block people of color from homeownership

Fifty years after the federal Fair Housing Act banned racial discrimination in lending, African Americans and Latinos continue to be routinely denied conventional mortgage loans at rates far higher than their white counterparts.

This modern-day redlining persisted in 61 metro areas even when controlling for applicants' income, loan amount and neighborhood, according to millions of Home Mortgage Disclosure Act records analyzed by Reveal from The Center for Investigative Reporting









Does the government give credit scores?
While steps have been taken by the government to closely regulate credit bureaus — such as the creation of the Consumer Financial Protection Bureau or the Fair Credit Reporting Act — none of the bureaus are in any way government mandated. In reality, they are private businesses.

But there is a financial reason for the wealth gap that's more invisible but also incredibly powerful: the cost of borrowing. As anyone who knows how compounding works can tell you, even a small difference in interest rates can become huge and consequential over time.

It Costs More to Get a Mortgage for the Same House if You're Black or Hispanic

African Americans and Latinos were much more likely to be denied conventional mortgage loans than white Americans were, even after controlling for factors like an applicant’s income, the amount of the loan, debt-to-income ratio, type of lender, and even the neighborhood where the property is.

“Redlining went beyond FHA-backed loans and spread to the entire mortgage industry,” he wrote, “which was already rife with racism, excluding black people from most legitimate means of obtaining a mortgage.”

Redlining was an open practice for 33 years — until the Fair Housing Act passed in 1968. But like a lot of the structural reasons that reinforce financial equality, evidence of it still lingers today.
 
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