Cuomo says lending discrimination still a problem

August 06, 1998
Housing and Urban Development Secretary Andrew Cuomo said a new report issued today that shows lenders are continuing to turn down minorities more often than whites for home mortgages shows the need for a comprehensive study of mortgage lending discrimination that he ordered in March.
     "The American Dream of homeownership is not reserved for whites," Cuomo said. "We will not tolerate a continued homeownership gap as wide as the Grand Canyon that divides Americans into two societies, separate and unequal. Eliminating housing and lending discrimination is vital to making the opportunity for homeownership a reality for all Americans."
     HUD's study of mortgage lending discrimination, which is being conducted by the Urban Institute in Washington and will be completed by the end of the year, will help HUD intensify its crackdown on mortgage lending discrimination and increase the minority homeownership rate, Cuomo said. The crackdown begun by Cuomo has obtained record commitments from lenders so far this year to make nearly $4 billion in mortgage loans to settle lending discrimination allegations.