DC Announces Release Of Subprime Mortgage Lending Study

The Government of the District of Columbia yesterday announced:

• Subprime loans in the District of Columbia disproportionately went to single, low- and moderate-income households in wards 4, 5, 7 and 8, according to a recently completed study on subprime mortgage lending and foreclosure, commissioned by the DC Department of Insurance, Securities and Banking (DISB). The study was part of a broader consumer protection initiative on behalf of the Government of the District of Columbia.

***

• The Subprime Mortgage Lending Study in the District of Columbia, which was led by the Center for Responsible Lending with the assistance of a coalition of research organizations, is intended to help the District better understand the impact of subprime lending on its residents and to suggest changes that might be needed to help protect residents. The 168-page study contains more than 100 findings and recommendations that provide a road map for possible courses of action by District officials and agencies, lenders and consumers.

For the rest of the DC press release, see Study Shows That Low- and Moderate-Income Residents More Likely to be Offered Subprime Loans in DC.

Go here for the 168-page study, The Subprime Mortgage Lending Study in the District of Columbia (4.85 MB).