WASHINGTON – Ninety years after the passage of the 19th amendment by Congress, a new report for the National Council of Negro Women researched by the National Community Reinvestment Coalition shows that African-American and Latino women continue to
WASHINGTON – Ninety years after the passage of the 19th amendment by Congress, a new report for the National Council of Negro Women researched by the National Community Reinvestment Coalition shows that African-American and Latino women continue to receive disparate treatment in the mortgage lending process. The report, "Assessing the Double Burden: Examining Racial and Gender Disparities in Mortgage Lending," demonstrates that minorities continue to be much more likely to receive high-cost home mortgage loans than their White counterparts.
In many instances, disparities by race widened as income levels increased, one of many indicators that discrimination remains a reality in home mortgage lending, as reports by the Federal Reserve and others have documented.
“The financial crisis has demonstrated that the key to a robust and sustainable economy is the inclusion and full participation of all households in an efficiently functioning and responsible financial system,” said John Taylor, president and CEO of the National Community Reinvestment Coalition. “African-Americans and Latinos continue to be treated unfairly when receiving a loan. This report documents troubling lending disparities that threaten to undermine the wealth and security of the most financially vulnerable Americans.”
Dr. Avis Jones-DeWeever of the National Council of Negro Women adds, “In an era of change, this report shows that there is still much more work to be done. Given the importance of homeownership to families and entire communities, it becomes clear that we simply cannot rest until every person, regardless of race or gender, is treated fairly at every stage of the mortgage lending process.
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