Reveal’s analysis of mortgage data found evidence of modern-day redlining in 61 metro areas across the country.
Among the 6,600 U.S. lenders, some stood out for particularly extreme practices.
A 1977 law, designed to correct redlining, didn’t anticipate a day when historically black neighborhoods would be sought by young white homebuyers.
Banks are required to lend in low- and moderate-income communities only if they have a branch in the area that takes deposits.
Members of the U.S. House Financial Services Committee ask Jerome H. Powell how he plans to address disparities in lending between whites and others.
Financial institutions are fueling gentrification in low-income neighborhoods while getting credit for helping the poor.
Black and Latino applicants across the country are being rejected for mortgages at much higher rates than whites, and their race seems to play a role.
The treasurer and attorney general said they would probe possible discrimination in mortgage lending. The Philadelphia City Council plans hearings.
At the national and state levels, they vow to ensure people of color get equal access to home loans and the public gets access to lending information.
People of color continue to be denied conventional mortgage loans at rates far higher than their white counterparts.
Reveal analyzed publicly available data released through the Home Mortgage Disclosure Act, combing through 31 million records for 2015 and 2016.