Changes in Credit Could Make Homeownership for Minorities Easier

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Changes in Credit Could Make Homeownership for Minorities Easier

Mar, 5th 2017

Imagine mortgage credit standards as a roadway, connecting lenders with potential borrowers who dream of owning a home. What in the mid-2000s was a wide-open superhighway with few barriers became, after the 2008 housing crash, a one-lane path open only to the most credit-qualified.

As loan defaults multiplied and banks collapsed, lenders abruptly lost their appetite for risk and abandoned their former “if you breathe, you qualify” loan standards. The Urban Institute says lenders would have issued an additional 6.3 million mortgages between 2009 and 2015 “if lending standards had been more reasonable” — for example, like the pre-housing-crisis home loan requirements of 2001.

With such stringent loan criteria in place, homeownership rates...

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