Racial bias

There is a persistent undersupply of moderately-priced homes, which continues to push affordability and the dream of homeownership further into the future for millions of potential first-time minority homeowners, writes the president of mortgage for Radian Group Inc.

The confirmation of the U.S. Housing and Urban Development secretary presents an opportunity to restore the legacy of homeownership in America, something that for communities of color has long been out of reach, writes CBC Mortgage's Tai Christensen.

Even in the best-case scenario, it would take 45 years to achieve an equal amount of housing-related capital between Blacks and whites.

The lender will expand certain mortgage products, like its HomeRun program, which requires lower down payments and removes mortgage-insurance requirements for lower-income borrowers.

At the metro level, Buffalo, N.Y., had the worst undervaluation for Black-owned homes at 86% followed by 72% in both Memphis, Tenn., and Indianapolis, Redfin found.

“You all will not let me breathe” is just one example in the Consumer Financial Protection Bureau's complaint database where a consumer likened alleged mistreatment by a financial institution to social injustice. An artificial intelligence firm uses technology to help companies flag such language.

There’s a 20 percentage-point gap between Black and white consumers who have the income necessary to qualify for a mortgage on a new median-priced home.

Efforts to improve representation in the workforce have to be measurable in order to avoid becoming an empty trend, according to the Mortgage Bankers Association’s chief financial officer and diversity & inclusion officer.

The $10 million program appears to be the first of its kind in the nation.

As global warming intensifies storms and flooding, formerly redlined neighborhoods with majority BIPOC occupants will likely bear the brunt of the damage risk, according to a Redfin analysis.