MCBC Releases New Report on Mortgage Lending Patterns

Tom - Posted on 04 January 2012

In its eighteenth annual report on mortgage lending patterns, the Massachusetts Community & Banking Council (MCBC) confirms a major shift in the mortgages provided to Massachusetts homebuyers. In the wake of the implosion of the subprime mortgage industry, high-cost subprime lending has almost disappeared, while government-backed lending has grown dramatically.

Changing Patterns XVIII: Mortgage Lending to Traditionally Underserved Borrowers & Neighborhoods in Boston, Greater Boston and Massachusetts, 2010, provides analyses of lending patterns in the city of Boston, Greater Boston and Massachusetts in 2010, as well as for each of its thirty-three largest cities and towns. The report was prepared for MCBC by Jim Campen, professor emeritus of economics at UMass Boston and longtime MAHA board member. Click here for the full report.

Among the many important findings in the report - total home-purchase lending to blacks and Latinos was highly concentrated in a small number of the state’s cities and towns, and entirely absent in others. Just four cities (Boston, Brockton, Springfield and Worcester) accounted for over one-half of total loans to blacks in Massachusetts, but for only 11% of the state’s total loans to whites. Eight communities (Lawrence, Boston, Springfield, Lynn, Revere, Worcester, Chelsea and Metheun) accounted for over one-half of all lending to Latinos in the state, but for just 12% of total lending to whites. In 123 communities – over one-third of the state’s 351 cities and towns – there was not a single loan to either a black or a Latino homebuyer.


Massachusetts Affordable Housing Alliance
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