I had the opportunity to last night to be on a panel about Modern Redlining in Camden City. I laid out some of the research here including Reveal’s finding that Blacks in the Camden Metro area are 2.6 times less likely to get a mortgage than comparative white applicants.
Come out to the Ferry Ave Library for a Forum on Modern Redlining in Camden
It’s one thing to read those statistics. It’s another to hear some of the stories in the rooms about discrimination from residents in the room. Folks who had their mortgage terms changed at the last moment, illegally denied, or who faced difficulties because of their Camden address.
I’m tremendously glad that Reveal has put resources into cataloguing this knowledge in a way that policymakers, the press, and politicians are forced to acknowledge. But everyone in the room was familiar with these challenges, and could speak to them through experiences.
That’s the politics of knowledge — sometimes it takes tremendous funding and support to be able to clearly show to those outside the community what those inside the community already know. It was a sharp reminder of how important it is to amplify local voices, and how valuable they can be; imagine all the issues that could improve a community that community understands, but there isn’t funding to research.
Here’s the video:
Live from Reveal’s Camden event on modern day redlining. Join us and let us know what you think.
Posted by Blue Jersey on Monday, March 19, 2018
And here’s an excerpt from my Blue Jersey post that addresses some of the key takeaways:
1) Find a (free) HUD counseling agency to help you through the mortgage process so that you have an advocate through the process.
2) Apply for multiple mortgages to avoid discriminatory loans. This one is a bit tricky — there’s a limited window to apply for mortgages without hurting your credit score — but if you apply within the same window, it counts as one “pull” for your credit score, and it can help you avoid changes in the terms late in the process that risk your ability to close on the house.
3) Work on your credit before the process starts. There are lots of ways to improve your credit score — it makes the most sense to do that early so you’re in the strongest position possible when you look to buy.
There’s more there if you want to check it out.
Share it!
