Kept out: How banks block people of color from homeownership

Source: Aaron Glantz & Emmanuel Martinez, Reveal (Associated Press)

Fifty years after the federal Fair Housing Act banned racial discrimination in lending, African Americans and Latinos continue to be routinely denied conventional mortgage loans at rates far higher than their white counterparts.

This modern-day redlining persisted in 61 metro areas even when controlling for applicants’ income, loan amount and neighborhood, according to millions of Home Mortgage Disclosure Act records analyzed by Reveal from The Center for Investigative Reporting.

Redlining has been outlawed for half a century. And for the last 40 years, banks have had a legal obligation under the Community Reinvestment Act to solicit clients - borrowers and depositors - from all segments of their communities.  But in many places, Reveal found the law hasn’t made much difference.

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