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Access denied updating a dream

As a result, many Whites were able to build up significant wealth that contributes to stronger credit profiles.

By Charlene Crowell (NNPA Newswire Columnist) In recent weeks, a spate of news coverage has referred to America’s “inner cities.” Some may even interpret it as a new code word for minorities, usually referring to Blacks and Latinos.

Yet today, according to Richard Rothstein, a research associate with the Economic Policy Institute, the inner city experience does not encompass all of Black America.

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“20.8 percent of African-American applicants were denied a loan in 2015 compared to 16.1 percent of Hispanic applicants and 10 percent of non-Hispanic white applicants.” Last year, more than 6 million home purchase mortgages were made, but only 51,202 or 2.7 percent were conventional loans to Black home buyers.

Government-secured mortgage loans are an important source of credit and also tend to be more costly than other home loans.

Now contrast those dismal numbers with those from the Census Bureau that found Black Americans are more than 13 percent of the nation’s population, and 1.8 million Blacks, ages 25 and older, hold advanced degrees.

By comparison, non-Hispanic Whites received 1,361,564 conventional loans, and Latinos received 96,975 of these loans.