Fair Housing Audits Reveal Continued Mortgage Discrimination

The Federal Reserve Bank of Boston's landmark 1992 study found that Black mortgage applicants were 60% more likely to be denied loans than white applicants with comparable financial profiles. The study controlled for income, credit history, and property values. The Black homeownership rate in 1990 was 43.4% versus 68.2% for whites. Several major banks faced DOJ Fair Housing Act enforcement actions during the decade.