Mortgages Tougher To Come By For Minorities
The housing collapse has made it even tougher for blacks and Hispanics to get mortgages, according to a new government report.
While credit has tightened for everyone, blacks and Hispanics are being denied loans at higher rates than whites, according to new federal data. And the gap is widening.
Lending to black and Hispanic borrowers also fell more quickly than average between 2006 and 2008, according to the 2008 Home Mortgage Disclosure Act data, released Wednesday by Federal Financial Institutions Examination Council. The council consists of the five U.S. bank regulators.
Blacks were denied mortgages 36.1% of the time in 2008, while Hispanics could not get a loan 31.1%, according to the data. Whites had denial rates of 13.6%.
