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Reasons for refusing mortgages ‘do not explain racial disparity’
Minneapolis Fed’s study challenges explanations given for why people of colour are treated differently
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Lenders’ reported reasons for denying mortgages do not adequately explain why an outsize proportion of refusals are aimed at people of colour, a new study has found.
The research was published on January 18 by the Federal Reserve Bank of Minneapolis. The authors – Ben Horowitz, Kim-Eng Ky and Libby Starling – had previously analysed confidential data compiled under the Home Mortgage Disclosure Act (HMDA). This data, to which the Federal Reserve has privileged access, included “credit scores and
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