Why Have Banks Stopped Lending to Low-Income People In The Us?

Why Have Banks Stopped Lending to Low-Income People In The Us?

The Federal Reserve released its annual collection of data gathered under the Home Mortgage Disclosure Act at the end of September. Among other findings, the report details that the country’s three biggest banks—Wells Fargo, Bank of America, and JPMorgan Chase—have sharply scale back on financing to low-income individuals in the last couple of years. The three banking institutions’ mortgages to borrowers that are low-income from 32 per cent this year to 15 % in 2016.

The report additionally indicates that in 2016, black colored and Hispanic borrowers had more difficulty home that is acquiring than whites. ادامه خواندن “Why Have Banks Stopped Lending to Low-Income People In The Us?”