Minority home loans spiked in 2002
Northwestern Financial Review, Sep 1-Sep 14, 2003
The number of loans covered by the Home Mortgage Disclosure Act rose by 13 percent in 2002 to a total of 31 million, according to statistics compiled by the Federal Financial Institutions Examination Council. The information is based on transactions from 7,771 financial institutions. The FFIEC said loans to minorities rose in 2002.
Total loans increased 23 percent for Native Americans, 18 percent for Asians, 11 percent for Hispanics and 2 percent for African Americans. Between 1993 and 2002, the number of home loans rose by 186 percent for Hispanics, by 126 percent for Asians, by 80 percent for African Americans, and by 57 percent for Native Americans.
Copyright NFR Communications Inc Sep 1-Sep 14, 2003
Provided by ProQuest Information and Learning Company. All rights Reserved
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