New Biden administration mortgage rules that will see borrowers with good credit forced to pay increased fees could disproportionately impact Asian American applicants.
Kudlow host Larry Kudlow blasts Biden's mortgage overhaul that will force good creditors to subsidize loans for higher-risk borrowers on ‘America Reports.’rule that will have homebuyers with good credit pay more to subsidize riskier borrowers may have a disproportionate impact on Asian Americans, who already face barriers to qualify for home lending.
President Biden speaks about the economy at the International Union of Operating Engineers Local 77 facility in Accokeek, Md., April 19, 2023., helping to determine if a prospective borrower will qualify for a loan and what interest rate will apply. That reality could be even harsher for Asian Americans, who have already faced barriers to homeownership despite having higher average credit scores. According to a 2021 study by the Urban Institute, Asian Americans have a lower homeownership rate than White Americans .
That reality comes despite Asian Americans having a higher average credit score than any other demographic. Like income, that trend continues the more an applicant makes, showing Asian Americans with an income above $150,000 and a debt-to-income ratio of 43% had their applications denied at a 17.3% rate, compared to 10.7% for White applicants. Meanwhile, geography seemingly could not explain the barriers Asian borrowers face either.
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