MCBC Report Shows Continued High Use of Government-Backed Loans and Increased Lending by Independent Mortgage Companies
BOSTON, MA – (February 27, 2013) In its twentieth annual report on mortgage lending patterns, the Massachusetts Community & Banking Council (MCBC) finds that nearly one in four home purchase loans statewide are government-backed (primarily FHA and VA). Government-backed loans made up more than half of all home purchase loans in five cities - Lawrence, Brockton, Springfield, New Bedford and Lynn.
Changing Patterns XX: Mortgage Lending to Traditionally Underserved Borrowers & Neighborhoods in Boston, Greater Boston and Massachusetts 2012, provides analyses of lending patterns in the city of Boston, Greater Boston and Massachusetts in 2012, as well as for each of the state’s thirty-three largest cities and towns. The report was prepared for MCBC by Jim Campen, professor emeritus of economics at UMass Boston. In addition to the data in the report, MCBC is also providing data on all Massachusetts cities and towns in a set of on-line tables. Both the report and the on-line tables are available on MCBC’s website at www.mcbc.info.
Over twenty years ago, community groups, banks, and public officials came together to create an affordable mortgage program to respond to the 1989 Federal Reserve Bank of Boston study on racial disparities. 17,000 sustainable mortgages later, the ONE Mortgage is working to close the still stubbornly high racial homeownership gap in Massachusetts. Please support MAHA's work in helping to close the gap. Donate today.
MAHAMassachusetts Affordable Housing Alliance
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