Home-loan process skewed against non-whites
Jun 19, 2015 6:33 am
Kelly Weill is reporting at Capital New York a new study of home-ownership loan applications in New York City shows that black and Hispanic households are far more likely to be denied a home loan compared with whites. The study found that 16 percent of whites citywide were denied a conventional home loan, but 34 percent of black applicants and 29 percent of Hispanic applicants were turned down. The study was conducted by listings service StreetEasy, using loan application data made available by the Home Mortgage Disclosure Act. Alan Lightfeldt, StreetEasy's data scientist, said the statistics show when it comes to loan applications, “race certainly matters.” The denial rates are even more dramatic in individual boroughs. On Staten Island for example, only 12 percent of white applicants were denied, while 51 percent of black applicants were turned away. Read the full story at Capital New York.