Since the 1950s, predatory land contracts have targeted Black homeowners. Sonja Bonnett became a housing activist after a land contract led to a foreclosure.You have a fair shot at getting a mortgage – if you’re white or Asian. For every other race,"mortgage fairness," which is already at low levels, could be sinking further. 1990 to 2021 through the Home Mortgage Disclosure Act.
“We're in the middle of a mortgage fairness crisis today,” FairPlay CEO/founder and report co-author Kareem Saleh told USA TODAY. “It's not going to show up for another several months until these lenders are forced to report this data sometime in 2023. But the unfairness is happening now.”homeownership gap
"Our technologies, our credit scoring systems, our automated underwriting systems, our risk-based pricing systems, our appraisal valuation system are all systems that are inequitable by design," said Rice, who said she was not surprised by the study findings. “And those systems haven't been changed. So we're still working within the confines and the limitations of those biased structures to try and to give people access to credit.
"We think it's possible that more of the mortgage origination companies in those areas are themselves owned by Hispanics and it's possible that owners of those mortgage companies are more attuned to underwriting Hispanic populations," says Saleh."It's also possible that Hispanic applicants are more likely to shop around than Black applicants.
The 46-year-old single mother from Aurora, Illinois, says her dream of owning a home finally felt within reach. But it turned out to be a short-lived feeling. The 2021 fairness bump, Saleh believes, was due to support programs put in place over the course of the pandemic that could be credited with improving fairness, at least temporarily for certain groups.
Under Joe Biden and the Democrats