Bias in the Mortgage Approval Process

Homeownership has historically been influenced by racial, ethnic and other prejudices. Even in the areas where it has improved, recent studies have characterized the reduction of racial inequality in housing generally as “slow, uneven and fragile.” In certain areas, there has been little to no improvement. Events such as the Great Recession of 2008 and the COVID-19 pandemic have diminished minority homeownership rates, particularly for …