Racial Bias In Mortgage Lending (Tools)

Foreclosure Deals Coach Podcast

Hello, hello, hello, and welcome back to the #ForeclosureDealsCoachPodcast! Following up on a recent episode we did about racial bias in the appraisal industry, today we're discussing how racial bias has an impact on mortgage lending. According to a new study by MIT, black homeowners pay more in mortgage interest, mortgage insurance, and property taxes than other homeowners. Whether that surprises you or reaffirms what you already know isn't really the point. What is important is that there are systemic constructs in place that actively put black people at a disadvantage as they look to buy homes and secure their financial future through real estate. However, it's impossible to fix a problem if you aren't analyzing the factors that contributed to the outcome. Redlining, over-policing, and gentrification are well-known phenomena that illustrate how the system can be weaponized against black people to the detriment of their communities, but high default rates, lack of education and financial literacy, and dangerous neighborhoods are factors that we can address ourselves on our way to shortening the wealth gap between races. We like to keep our episodes short, so there's no way we can fully break down this topic in 20 minutes. But it's important to us that our listeners understand that there are two sides to the real estate coin. Listen up for more details, and do your part to prevent racial bias in real estate!
Mentioned in today's episode:
Propstream
Here's a link to the article Donny discussed in today's episode:
Black Homeowners Pay More For Mortgages
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