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Clear signs of recovery have been recorded in the housing market, but minority borrowers do not seem to be linked to this recovery. The latest residential mortgage lending data from the Home Mortgage Disclosure Act shows that the housing market still has quite a way to go, despite signs of recovery.
According to Urban Institute, minority households were locked out of the recovery period following the recession partly due to tight lending standards as they tend to have lower income and weaker credit scores. The share of loans among African-Americans and Hispanic households deceased from 23 percent to 12 percent from 2005 to 2012.
HUD announced Wednesday that it is issuing a proposed rule to protect consumers being harassed in the housing market. The rule would formalize standards to bring about claims under the Fair Housing Act. HUD and the courts have upheld that harassment in housing or housing-related transactions on the basis of race, color, national origin, religion, sex, disability, and familial status are not allowed under the Fair Housing Act.
