Thursday, Oct 25 2012 4:11PM
Data from Home Mortgage Disclosure Act (HMDA) records show Native lending fell significantly in 2011 compared to 2010, while $4.5 billion in funds through the legislation went unused as a result of incomplete applications and lender denials.
Data from Home Mortgage Disclosure Act (HMDA) records show Native lending fell significantly in 2011 compared to 2010, while $4.5 billion in funds through the legislation went unused as a result of incomplete applications and lender denials.
Indian Country Today Media Network reports that only 54 percent of Native American and Alaska Native loan applications received funding, while 57 percent of all applications from Native Hawaiians were approved for funding. Together, $5.3 billion in loans were provided to tribal applicants, but many have been left without the opportunity to become homeowners.
HMDA records also show that nearly one in every two Native American mortgage applicants were denied. However, the reasons can vary from lender denial to borrower withdrawal.
In 2010, Native lending reached $11.8 billion, but that figure fell to $9.9 billion in 2011. Alaska lenders approved 67 percent of applicants. Meanwhile, $1.4 billion was lended to Native applicants in California, while $725 million went to Natives in Hawaii.
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Indian Country Today Media Network