(NNPA)—Financial security can often feel like a tug of war with earnings and income on one side and the cost of living and debt on the other. Which side wins can determine whether a household is mired in insurmountable debt or gains the financial ability for a better life.
For many families, the path to that better life is through homeownership. If you’re Black or Latino, however, wanting and getting are often two different things.
In 2014, borrowers of color and families with low-to-moderate incomes continue to be shortchanged in the mortgage market, according to the newly-released Home Mortgage Disclosure Act report. One of the few reports that tracks data by race and income, the HMDA report tallies how many mortgage loans were approved and by type.
To put it another way, the HMDA numbers reveal whether Black America is getting its fair share of mortgages. In 2014, the numbers show that communities of color got a lot less:
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