SAN FRANCISCO - The Bank of America reported that home loans to minorities and low-income applicants rose in 1994.
According to data collected under the Home Mortgage Disclosure Act, Bankof America made 15,797 home loans to minorities in California. That was almost 23% of total home loans.
It made 23,787 loans to low-income borrowers, defined as those earning less than 100% of the median income in their area. That represents 34.2% of all home loans the bank made last year.
Loans to minorities increased 1.3% in 1994 from the previous year. Loans to African-Americans were up 2.7%, to 2,319, and loans to Latinos were up 6.3%, to 8,074.
Minorities continued to be turned down for loans at higher rates than white customers. Minority loans applications were declined 1.7 times more than applications from whites. That was up slightly from the year before, when minority applicants were refused loans 1.5 times more frequently.