Blacks twice as likely as whites to have mortgage loans denied
What's News
Although denial of mortgage loans is at its lowest in 20 years, black applicants are still twice as likely as whites to get their requests for a conventional loan denied, according to The Real Deal.
The gap was more striking in New York, where white borrowers had an 8.8 percent denial rate but black borrowers had a 22.2 percent denial rate, The Real Deal reported. Nationwide, borrowers in suburban areas were the most likely to get approved for mortgages, with an 8.4 percent denial rate; compared to a 10 percent denial rate for urban residents and an 11.5 percent denial rate for rural residents. The Real Deal’s figures came from Zillow, an online source of real estate listings and statistics nationwide. Zillow senior economist Aaron Terrazas called the gap “a visible legacy of historical discriminatory policies.”
* * *
Brooklyn Boro
View MoreNew York City’s most populous borough, Brooklyn, is home to nearly 2.6 million residents. If Brooklyn were an independent city it would be the fourth largest city in the United States. While Brooklyn has become the epitome of ‘cool and hip’ in recent years, for those that were born here, raised families here and improved communities over the years, Brooklyn has never been ‘uncool’.