WASHINGTON - The Federal Financial Institutions Examination Council released the 2007 Home Mortgage Disclosure Act (HMDA) expressing concern that differences in price and approvals among various ethnic groups continues.
The data cover loan applications, originations and denials, and purchases of loans from 2007 and include 21.4 million applications and originations and 4.8 million purchases. FFIEC said differences in the incidence of higher-priced lending between racial and ethnic groups continued in 2007, as did differences in denial rates on loan applications. "These differences continue to raise concerns about the terms, cost and availability of credit to minority applicants and borrowers, and lending practices in minority neighborhoods," the council said.(c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.http://www.cujournal.com/ http://www.sourcemedia.com/
