Mortgage Lending Discrimination: A Barrier in the Land of Opportunity

This note discusses the problem of mortgage loan discrimination in America. In January 2021, mortgage rates in America were the lowest in history at 2.65%. Around this time, there was a high demand for housing throughout the country. Yet in 2022, 26% of Black applicants had mortgage applications denied. Mortgage loan discrimination continues to be a barrier for African American homeownership. However, this barrier can be overcome by supporting nonprofit organizations and community banks, creating a new federal agency which provides reparations and guaranteed mortgages, and passing the Fair Access to Financial Services Act.