Wednesday, October 14, 2009

One in three 2008 mortgage applicants denied

Pistol-packing mom shot dead
Loan originations fell by nearly 33 percent from 2007 to 2008, half what it was in 2006, as nearly a third of applicants were turned down.

by Broderick Perkins
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Deadline Newsroom - It's hard out there being a home loan applicant, especially if you are an ethnic minority.

The Federal Reserve said 32 percent of all home loan applicants -- new home buyers and refinancing homeowners -- got the ax in 2008.

The Fed's "2008 HMDA Data: The Mortgage Market during a Turbulent Year"
found that while whites were turned down only 34 percent of the time, American Indians and Native Alaskans were told "no dice" 57 percent of the time.

Blacks were declined 53.3 percent of the time, 51 percent of those with interracial blood were turned down, 46.3 percent for Hawaiians and Pacific Islanders and 43 percent for Hispanics got the big "no."

The Fed says the 2008 numbers reflect turbulence in the mortgage market, after the housing bust and ensuing unemployment and other economic woes.

All things considered, loan application and originations fell by nearly 33 percent from 2007 to 2008. In 2008, mortgage activity was half what it was in 2006.

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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

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