MCBC Releases New Report on Mortgage Lending Patterns; Black and Latino Shares of Conventional Loans Well Below Household Shares
Report focuses on use of Government Backed Loans
Boston, MA (December 12, 2014)- Blacks in Boston make up 21% of households but received only 4% of conventional home-purchase loans in the city, according to a new report on mortgage lending patterns by the Massachusetts Community & Banking Council (MCBC). Latinos made up 14% of Boston households but received only 3% of conventional home-purchase loans. However, positive impacts in the
relative performance of licensed mortgage lenders were seen for the first time in 2013 from the implementation of the Mortgage Lender Community Investment regulation.
In its twenty-first annual report on mortgage lending patterns, MCBC provides information on 2013 mortgage lending in the City of Boston, in Greater Boston, in Massachusetts and in each of the state’s thirty-three largest cities and towns. Changing Patterns XXI: Mortgage Lending to Traditionally Underserved Borrowers & Neighborhoods in Boston, Greater Boston and Massachusetts, 2013 was prepared for MCBC by Jim Campen, professor emeritus of economics at UMass Boston.
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.
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