'What Do U.S. Politicians Have to Say About Mortgage Discrimination Against Minorities? 'cc: themarkup usa
On the heels of a major effort to address redlining announced by the Biden administration this fall, legislators and regulators across the country are calling for additional scrutiny, including some that represent areas with vast lending disparities between White applicants and applicants of color.
The Markup also identified 89 metro areas with stark lending disparities spanning nearly every region of the country, from Nashville, Tenn., and Waco, Texas, to New York City and Los Angeles. One of the worst was in Omar’s home state of Minnesota. Minnesota attorney general Keith Ellison said that lenders need to examine their lending standards and “cannot rely on the algorithms and approval formulas they’ve been using.”
“It’s appalling—though not surprising—that aspiring Black and brown homebuyers are still haunted by the kind of discriminatory housing practices that prevailed in this nation for decades,” Sen. Mark Warner said in a statement.We need federal policies that not only hold discriminatory mortgage lenders accountable, but also reduce their incentive to engage in these practices in the first place.
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