Report: Minorities Need Better Access to Credit
A report by seven nonprofit housing agencies examined the lending patterns of the nation’s four largest lenders — Bank of America, Citigroup, JPMorgan Chase & Co., and Wells Fargo — and concluded that the foreclosure crisis has seriously reduced lending in minority communities.
“The explosion of unaffordable, destabilizing credit in more recent times and the ensuing foreclosure crisis have served to magnify existing obstacles to fair credit access for millions of home owners who now find their credit ruined,” the report says.
It called for efforts to increase access to credit so minority families and communities can recover.
The report, “Paying More for the American Dream IV,” was reported by the California Reinvestment Coalition, the New York-based Neighborhood Economic Development Advocacy Project, the Chicago-based Woodstock Institute, and three others.
The report covers seven cities: Boston, New York, Chicago, Los Angeles, Cleveland, Charlotte, N.C., and Rochester, N.Y.
Source: Reuters News, Nick Carey (05/13/2010)