Persistent racial and ethnic inequality in the mortgage market is not a coincidence. Nearly 50 years after the adoption of the Fair Housing Act, newly released federal data indicate that people of color continued to lose ground in the homeownership market in 2013. In particular, black and Hispanic households continued to represent a shrinking fraction of the mortgage market and received higher-cost loans compared with white borrowers. Tragically, many prospective black and Hispanic homeowners never reach the loan-decision stage of the home buying process. People of color are still being treated unequally in the home mortgage market, even when they demonstrate an ability to repay their loans.
The Unequal Mortgage Market Is No Coincidence
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