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OCR Register: Report: Lenders again are targeting veterans with predatory home loans

OCR Register, August 3, 2021, Report: Lenders again are targeting veterans with predatory home loans

For years, active-duty military and veterans looking to buy or refinance a home were the targets of unfair lending schemes, ranging from pricey fees and high interest rates to unfavorable refinancing plans — a practice that was the focus of federal lending reforms in 2018.

“Since large banks have chosen not to make VA loans, veterans have only a small number of lenders from which to choose,” said Jason Richardson, director of Research and Evaluation at the National Community Reinvestment Coalition, a nonprofit that tracks lending practices in traditionally underserved communities.

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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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