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Mortgage discrimination
Mortgage discrimination or ''mortgage lending discrimination'' is the practice of banks, governments or other lending institutions denying loans to one or more groups of people primarily on the basis of race, ethnic origin, sex or religion. One of the most notable instances of widespread mortgage discrimination occurred in United States inner city neighborhoods from the 1930s up until the late 1970s. There is evidence that the practice still continues in the United States today.〔''(Study Finds Disparities in Mortgages by Race )'' The New York Times By MANNY FERNANDEZ Published: October 15, 2007〕
==Background==
African Americans and other minorities found it nearly impossible to secure mortgages for property located in redlined zones.〔"Loans To White Renegades Who Back Negroes Cut Off," Harlem Home News, April 7, 1911〕 The systematic denial of loans was a major contributor to the urban decay that plagued many American cities during this time period. Minorities who tried to buy homes continued to face direct discrimination from lending institutions into the late 1990s. The disparities are not simply due to differences in creditworthiness.〔(What We Know About Mortgage Lending Discrimination in America (September 1999) )〕 With other factors held constant, rejection rates for Black and Hispanic applicants was about 1.6 times that for Whites in 1995.〔(Discrimination in mortgage lending Chicago Fed Letter, Jul 1995 by Hunter, William C )〕 Fairness in lending was improved by the Home Mortgage Disclosure Act, passed in 1975. It requires banks to disclose their lending practices in the communities they serve. In the 1970s, the private sector fight against mortgage discrimination began to be led by community development banks, such as ShoreBank in Chicago.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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