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A Tenuous Future for African American Homeownership in California

Greenlining annually produces two report cards ranking the top ten banks in California in terms of their prime-rate home loan lending performance to California’s Latino and African American homebuyers. We do not count a bank’s subprime loan originations in our analysis. Our results show that although Latinos represent 36% of California’s population, they received only 24% of prime-rate home loans. African Americans, at 6% of the population, received only 3.66% of all prime-rate home loans originated in California in fiscal year 2006. In contrast, non-Hispanic Whites, at 46% of the population, receive 66% of all home loans. On average, California’s top ten banks lend to minorities at rates that fall below the average for California’s mortgage industry. Greenlining recommends that the state’s largest banks take a more proactive stance toward lending to underserved populations in order to move towards closing the minority homeownership gap.

Issue Brief | Latino Report

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