Seattle Press on Line - Minorities Still Less Likely to Get Mortgage Loan Approval

Minorities Still Less Likely to Get Mortgage Loan Approval

Oct 04, 2000 -- African American and Latino mortgage applicants are more than twice as likely to be denied a conventional mortgage loan than white applicants, according to a study released last week by ACORN (The Association of Community Organizations for Reform Now).

The report examined lending patterns for the nation as a whole, as well as for 50 specific metropolitan areas.

The report found that the disparity between white and minority denial rates for conventional loans decreased from 1998 to 1999 both in the Seattle metropolitan area and for the nation as a whole. The report states that despite gains such as this, lower-income and minority borrowers still experience greater difficulty in obtaining a home loan than upper-income and white borrowers.

"Several decades after the problems of neighborhood redlining and racial discrimination first came to light, we find that these problems still exist and continue to demand public attention," said ACORN member and Rainier Valley resident Alfreada Lucas. "We are glad to see any kind of improvement, but there are still too many lower-income and minority people being left behind."

Findings for the Seattle metropolitan area include:

1. One in three African-American applicants and one in four Latino applicants for conventional loans were denied in 1999, compared to just one in eight white applicants who were denied in 1999.

2. African-American applicants were 2.41 times more likely to be denied than white applicants in 1999, the same as in 1998.

3. Latinos were rejected 11 times more often than whites in 1999, a 9.1 percent decrease from the 1998 figure of 2.32 times more often.

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bruno	Sep 24, 2003	bs as, argentina	student
You must respect the minorities , you punks!