Discriminatory lending against Native Hawaiians
A Chicago
Tribune
article
from Bloomberg News says that:
Minority borrowers were denied home loans at higher rates than whites last year, the Federal Reserve said Friday in an analysis of U.S. lending practices.
[...]
Native Americans were denied at a rate of 22.4 percent, followed by Hispanics at 21.3 percent, Native Hawaiians at 19.6 percent and Asians at 15.8 percent, the data showed. White applicants were denied at a rate of 12.2 percent.
I
would like to note, the fact that Native Hawaiian data is collected in a
separate category is the direct result of the complaints brought against Bank of
America several years ago regarding its discriminatory lending practices against
Native Hawaiians and Filipinos. Big kudos to Bumpy Kanahele and Ian Chan Hodges
who led that effort. Ian and his brother Marc used census tract data to prove
that predominantly Hawaiian neighborhoods like Hawaiian Homelands were being
redlined, and then later got the fed to track data for Native Hawaiians
separately so this information would be easier to track and corollate without
Hawaiians being statistical noise lumped into the much larger Asian/Pacific
Islanders category. As a result of the
case, BofA was required to commit $150 million to lending on Hawaiian Homelands
and support the formation of a Native Hawaiian
Bank (neither of which has been fulfilled, but that's another story).
Hawaiian Community
Assets also grew out of this
case.So this new data, available thanks
to those earlier efforts, suggests that systemic discrimination against Native
Hawaiians in lending practices continues
still...(H/T to Ian
Lind.)
Posted: Mon - September 11, 2006 at 01:00 PM