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Several class action mortgage discrimination claims have been filed against lenders across the country, alleging that those lenders disproportionately targeted minorities for high cost, high risk subprime lending, which has resulted in disproportionately higher rates of default and foreclosure for minority African American and Hispanic borrowers.
The prevalence of housing discrimination and redlining in the United States has led to wide-ranging impacts upon various aspects of the structure of society, such as housing inequality and educational inequality. These phenomena can be seen through the lens of critical race theory as examples of systemic racism. [2] [3] [4]
African American and Hispanic mortgage holders are 1.5 to 2.5 times more likely to pay 9% or more on interest. Krivo and Kaufman calculate that the African-American/White gap in mortgage interest rates is 0.39%, which translates to a difference of $5,749 on the median home loan payment of a 30-year mortgage of a $53,882 home.
The enforcement agencies cited additional evidence of discrimination in Hudson City's broker selection practices, noting that the bank received 80 percent of its mortgage applications from mortgage brokers but that the brokers with whom the bank worked were not located in majority African-American and Hispanic areas.
The examples and perspective in this article deal primarily with the United States and Canada and do not represent a worldwide view of the subject. You may improve this article, discuss the issue on the talk page, or create a new article, as appropriate. (March 2019) (Learn how and when to remove this message)
You may improve this article, discuss the issue on the talk page, or create a new article, as appropriate. ( March 2017 ) ( Learn how and when to remove this message ) Legal scholars and practitioners generally discuss laws that affect housing within the context of real property , landlord–tenant law , mortgage law , laws that forbid housing ...
Traditionally used to determine discrimination in housing and mortgage lending, the research methodology involves the use of pairs of testers or mystery shoppers, representing test and control cells. Control cells usually comprise non- protected classes of consumers and test cells comprise protected classes of consumers under the Fair Housing Act .
The terms equal housing lender and equal opportunity lender are synonymous and refer to all banks insured by the Federal Deposit Insurance Corporation in the United States. . Such banks are prohibited from discriminating on the basis of race, color, religion, national origin, sex, handicap, or familial sta