By the end of September, the Federal Reserve circulated its yearly number of information collected beneath the mortgage Disclosure Act. Among other findings, the report details that the country’s three largest banks—Wells Fargo, Bank of America, and JPMorgan Chase—have sharply scale back on financing to low-income individuals in the last several years. The three banking institutions’ mortgages to low-income borrowers declined from 32 % this year to 15 % in 2016.
The report additionally indicates that in 2016, black colored and Hispanic borrowers had more difficulty acquiring mortgages than whites. Continue reading Why Have Banks Stopped Lending to Low-Income People In America?