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Tight Credit Has Hurt Minority Borrowers The Most

African American and Hispanic households have been disproportionately affected by overly tight mortgage lending standards—and they constitute a surprisingly large share of the 4 million loans that were not originated due to tight credit standards from 2009 to 2013.

The implications of reduced mortgage lending for the economy are clear: a slower recovery in housing, less economic activity associated with home purchases, and fewer opportunities for wealth building during an opportune time to purchase a home. But our new analysis of the decline in lending across racial and ethnic groups adds another concern to this list.

Significant racial gaps

While the number of home purchase loans made in 2013 decreased by 36 percent since 2001 (a decline that the Housing Finance Policy Center has thoroughly explored in past work), minority borrowers have felt an even greater tightening. Loans to African American and Hispanic borrowers declined by 50 percent and 38 percent respectively, compared a decline of just 31 percent for white borrowers. Loans to Asian borrowers increased by 8 percent.

via Tight credit has hurt minority borrowers the most | Urban Institute.

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