Loan denial rates high for blacks and Hispanics
Monday, December 13th 2004, 10:39 am
News On 6
OKLAHOMA CITY (AP) _ Federal records show blacks and Hispanics are denied conventional home loans in Oklahoma more often than whites.
Bankers and other lenders say the loans are granted strictly on the basis of credit ratings. But advocates for minorities say more needs to be done to help them own their own homes at a time when interest rates are low.
31% of both blacks and Hispanics who applied for a home loan in Oklahoma City were denied. Whites applying for a home loan were denied 15% of the time.
In Tulsa, 29% of blacks and 31% of Hispanics were denied a loan while 18% of whites were denied.