Black and Latino Shares of Conventional Loans Well Below Household Shares
Boston, MA (TBD). The black share of conventional home-purchase loans in Boston has fallen by over 40% in the last six years so that in 2014 they received only 3.6% of all loans in the city although they constitute 21.0% of all households. In seven of the city’s twenty major neighborhoods not a single home-purchase loan was made to a black borrower.
More positively, the implementation of the Massachusetts’s unique CRA for Mortgage Lenders law appears to have had a favorable impact on the relative performance of independent mortgage companies in serving traditionally underserved borrowers and neighborhoods in Boston, Greater Boston, and Massachusetts.
Read full press release here MCBC Changing Patterns XXII News Release.
Read the full report here.