{"485601":{"#nid":"485601","#data":{"type":"external_news","title":"Prof. Immergluck calls for increased scrutiny of fair lending practices among conventional lenders","body":[{"value":"\u003Cp\u003EIt\u2019s been clear for decades that black would-be homeowners are denied mortgages far more frequently than applicants of other races. Every year, the numbers are shockingly similar: The most recent show that\u0026nbsp;\u003Ca href=\u0022http:\/\/www.zillow.com\/blog\/lending-rosa-parks-anniversary-187480\/\u0022 target=\u0022_blank\u0022\u003E23.5 percent of black applicants were denied\u003C\/a\u003E\u0026nbsp;conventional mortgages in 2014. The denial rate was 18.8 percent for Hispanics, 12.2 percent for Asians and 9.4 percent for whites.\u003C\/p\u003E\u003Cp\u003ECompounding those denial rates: The vast number of people\u0026nbsp;who do not even apply for loans.\u003C\/p\u003E\u003Cp\u003E\u201cThe black-white homeownership divide in the U.S. is perniciously long lasting,\u201d said Zillow Senior Economist Skylar Olsen.\u0026nbsp;\u201cWe can talk about denial rates all we want, yet the divide begins before mortgage applications are ever filled out.\u201d\u003C\/p\u003E\u003Cp\u003E\u201cWe have seen the re-emergence of a dual market in the mortgage market, with higher-cost FHA lenders dominating African-American neighborhoods,\u201d said Dan Immergluck, a professor at the Georgia Institute of Technology and an expert in housing and community development issues.\u003C\/p\u003E\u003Cp\u003EWhile black neighborhoods and borrowers need FHA loans, they also need more conventional loans, Immergluck said. He\u0026nbsp;called for increased scrutiny of fair lending practices among conventional lenders, as well as so-called \u201cduty-to-serve\u201d requirements of Fannie Mae and Freddie Mac involving low- and middle-income families.\u003C\/p\u003E\u003Cp\u003ESuch scrutiny would \u201cmake sure\u0026nbsp;that all borrowers and neighborhoods have access to low-cost credit at equal terms,\u201d Immergluck said.\u003C\/p\u003E\u003Cp\u003EFollow the link to read more on Zillow.\u003C\/p\u003E","summary":null,"format":"limited_html"}],"field_subtitle":"","field_summary":"","field_summary_sentence":"","uid":"28044","created_gmt":"2016-01-13 13:37:16","changed_gmt":"2016-10-08 02:27:52","author":"Jessie Brandon","boilerplate_text":"","field_publication":"","publication":"georgia institute of technnology","field_article_url":"","publication_url":"http:\/\/www.zillow.com\/blog\/black-white-mortgage-divide-190395\/","dateline":{"date":"2016-01-13T00:00:00-05:00","iso_date":"2016-01-13T00:00:00-05:00","tz":"America\/New_York"},"extras":[],"hg_media":{"59739":{"id":"59739","type":"image","title":"Dan Immergluck","body":null,"created":"1449176227","gmt_created":"2015-12-03 20:57:07","changed":"1475894265","gmt_changed":"2016-10-08 02:37:45","alt":"Dan Immergluck","file":{"fid":"190975","name":"Dan_Immergluck_2.JPG","image_path":"\/sites\/default\/files\/images\/Dan_Immergluck_2_0.JPG","image_full_path":"http:\/\/hg.gatech.edu\/\/sites\/default\/files\/images\/Dan_Immergluck_2_0.JPG","mime":"image\/jpeg","size":3563377,"path_740":"http:\/\/hg.gatech.edu\/sites\/default\/files\/styles\/740xx_scale\/public\/images\/Dan_Immergluck_2_0.JPG?itok=HZPf9eSI"}}},"media_ids":["59739"],"groups":[{"id":"1224","name":"School of City \u0026 Regional Planning"}],"categories":[],"keywords":[],"core_research_areas":[],"news_room_topics":[],"event_categories":[],"invited_audience":[],"affiliations":[],"classification":[],"areas_of_expertise":[],"news_and_recent_appearances":[],"phone":[],"contact":[],"email":[],"slides":[],"orientation":[],"userdata":""}}}