Mortgages denied to over half of Black applicants
A report from CNN has revealed that a Virginia-based credit union that offers mortgage lending to servicemembers and veterans rejects far fewer white borrowers than black or brown borrowers. In 2022, Navy Federal Credit Union approved more than 75% of white borrowers, but less than 50% of black borrowers who applied for the same type of loan were approved. Further, Navy Federal approved more white borrowers earning less than $62,000 a year than it did black borrowers who earned more than $140,000 a year.
It's no surprise the Navy Federal spokesperson took issue with CNN’s analysis saying it didn’t accurately reflect their practices. Read the full story here.
Well Street
Navy Federal can deny the allegations, but the mountains of circumstantial evidence against them are high and paint a dark picture.
It's shocking that the gap in homeownership rates between Whites and Blacks is larger today than before the Civil Rights era.
Stories of veterans not being taken care of by the government after serving are common, especially those of color. This story highlights how forces for evil are at work in denying qualified veterans the home they and their families deserve.
Evangel
And then there's mass incarceration...along with the domino effect of excessively ticketing people of color who are poor and unable to pay the infraction fees which then lands them in jail. It's disgusting and shameful that our justice system looks the other way when it comes to this obvious pattern of injustice .