Yes, and this is the effect. Thanks a lot, Community
Shamed by Publicity, Banks Stress Minority MortgagesShamed and embarrassed by their poor lending records, mortgage lenders are finally opening their doors a little wider to poor people and members of minority groups seeking home loans.
Newly released figures from a handful of big banks suggest that they are starting to reduce the obstacles that have led them to reject minority-group applicants and poor people. Although complete information will not be available until October, many banks are showing sharp increases in the number of these loans.
Chemical Bank, for example, says it more than doubled the number of home loans made to black, Asian-American and Hispanic borrowers in New York last yearto 1,522, compared with 622 in 1991. Nationsbank, the Bank of America and Wells Fargo were among others with sharply increased minority-group lending.
Community organizers say they are encouraged that at least some banks have begun to expand such lending, although they caution that only sustained action throughout the industry will have a significant effect.