Pa. The Housing Agency publishes a study on the inequality of mortgage lending


The Pennsylvania Housing Finance Agency released a report Wednesday highlighting mortgage inequality in the state of Philadelphia.

Agency, The Philadelphia Inquirer: reports that it intends to use the results of the study to influence the industry to improve the lending process to black home buyers.

Aerial view of a residential area near Pittsburgh, Pennsylvania on November 9, 2010. (Photo by Bruce Bennett / Getty Images)

“We have hope [the report] “It will have some growing impact on the industry, the creditors,” said Robin Wisman, chief executive officer and chief executive officer of the Pennsylvania Housing Finance Agency. The questioner.

Study studies Home buying experiences People of different races in Pennsylvania have found that blacks are significantly more likely to have a difficult time owning a home than whites. In the report, the state-owned affiliate agency advises taking steps to eliminate mortgage lending disparities.

“As we publish this report, it is important to note the differences in the process of buying an apartment that create barriers for people of color to own a home,” the report said. “The report shows the persistent inequality that mortgage applicants receive in the home equity loan process as required by mortgage lending.”

According to: Questioner:The authors base their findings on in-depth data from mortgage data, in-depth experience from more than 200 clients of the Pennsylvania Housing Agency’s network գրեթե and nearly 45 clients in the agency.

Black House Ownership Level in Pennsylvania Questioner: It was reported to be 43%, compared to 73% of white house owners, according to the pre-epidemic census. In Philadelphia, interest rates were 48% և 59%, respectively.

Black mortgage applicants typically face greater challenges in obtaining credit than white mortgage applicants. “Mortgage lending disparities are much greater than mortgage lending disparities,” said Ira Goldstein, co-author of the report and Reinvestment Fund Policy Solutions.

“This is a complex, multidimensional issue that has historical roots that continue to unfold in families today,” Goldstein added.

Some of these factors include less financial resources, less familiarity with the home buying process, and a history of housing discrimination. Questioner.

The authors of the report suggest that one of the ways to correct the credit imbalances is to offer programs for home buyers to help pay the down payment և closing costs. They also offer to teach financial literacy in high school, the basic steps of buying an apartment.

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