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home loans

Mapping Inequality: Redlining in New Deal America / Creative Commons

Fifty years ago, the practice of barring people from buying houses in certain neighborhoods or declining home loans because of race or ethnicity became unlawful.

But a new investigation finds it’s still happening.

In the 1930s, property assessors graded American cities on a four-point scale, with the worst neighborhoods coded red, giving birth to the term "redlining."
Mapping Inequality: Redlining in New Deal America / Creative Commons

It’s been half a century since the federal government banned discrimination in the home mortgage industry. But a new analysis of mortgage data shows people of color are still routinely denied conventional mortgage loans far more often than white people.

Ian Freimuth/flickr / http://michrad.io/1LXrdJM

Detroit is often called the comeback city by politicians and boosters. The central business district is recovering. But many of the neighborhoods are still struggling. There are a lot of empty houses. If they don’t sell, they’ll quickly become derelict, blighted, another problem.

A major obstacle to buying a house is getting a traditional mortgage.

Steve Carmody / Michigan Radio

U.S. stocks are slightly lower following some mixed economic news out of China.

Traders are also looking ahead to a Federal Reserve meeting that begins Wednesday. The bank could raise interest rates for the first time since the financial crisis.

A Michigan State University economist does not expect this week’s anticipated interest rate hike by the Federal Reserve will have a noticeable effect on Michigan’s economy.