Johnson Rips Racial Disparities in Home Loans

Councilman Kenyatta Johnson responded this morning, after the release of a major report on nationwide racial disparities in home loans, and subsequent local reporting.

“Yesterday, I was disturbed to learn that Philadelphia’s home-loan market has some of the worst racial disparities in the nation, reminiscent of old redlining practices.

“The data, compiled and analyzed by The Center for Investigative Reporting, are alarming. After controlling for a number of different variables — including income level and loan amount — it still shows a significant disparity in the rates of denial for Black and Latino applicants in the market for home-purchase loans and home-repair loans.

“I plan to introduce legislation next Thursday, calling for a hearing on racial disparities in the Philadelphia home-loan market. These disparities hurt all Philadelphians and likely impact my constituents disproportionately. Several of my colleagues have already indicated their interest in this subject and I will work closely with them and stakeholders to define the problem and identify solutions.”