Today—50 years after the passage of the Fair Housing Act, 40 years after the passage of the Community Reinvestment Act, and a decade after the subprime-loan crisis—that black family would be 5.6 times more likely to be denied a conventional mortgage than that white family, a damning report released last month by the Center for Investigative Reporting found.
…Redlining and other forms of discriminatory lending practices remain a defining feature of the American housing market, and they have profound consequences in terms of wealth-building, equality, and equity.
…The legislation in process includes a number of technical changes that stand to put borrowers of color, mobile-home owners, and rural residents at risk. Chief among these is a change letting banks that make fewer than 500 mortgage loans a year report less data to the government on who they lend to and at what rates—data meant to help show whether financial institutions are discriminating against families of color.
…The Trump administration, for instance, has hollowed out the Consumer Financial Protection Bureau, and the Department of Housing and Urban Development is removing its mandates for inclusion and consumer protection from its mission statement.