American Banker: Home Equity Loans Back In Vogue As Cash-Out Refis Fade

American Banker, September 7, 2022, Home Equity Loans Back In Vogue As Cash-Out Refis Fade

Higher interest rates are crushing mortgage refinancing volumes, but homeowners are increasingly turning to second loans and are unlikely to slow down soon.

Lenders originated some $100.8 billion in home equity lines of credit, or HELOCs, through the first five months of the year, up nearly 50% from last year, according to a report from the Urban Institute’s Housing Finance Policy Center. Home equity loan originations saw a slightly smaller jump, totaling $38.1 billion through the end of May.

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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

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