Academic journal article ABA Banking Journal

ABA Takes Constructive Tack on HMDA Numbers

Academic journal article ABA Banking Journal

ABA Takes Constructive Tack on HMDA Numbers

Article excerpt

Rather than dwell on statistical debate, ABA proposes that the banking industry address disturbing trends pointed up by Home Mortgage Disclosure Act numbers by finding "innovative ways to increase the availability of mortgage oans to all creditworthy applicants."

This was the recommendation of ABA's Mortgage Lending Task Force. The group was formed in response to HMDA tabulations released last fall that show disturbing patterns in the flow of mortgage credit to minority and low/moderate income borrowers.

The task force's key recommendation: creation of a new Center for Community Development within ABA. The new center, planned to be up and running this fall, will serve as a clearinghouse of information and products that will help bankers better serve the credit needs of minority and low/moderate income communities. Materials will be pulled together from existing ABA projects, as well as from organizations representing other facets of the housing business. Where suitable materials don't exist, the center will develop them. Among steps planned:

* Borrower education-Development of matedais to help mortgage applicants become better informed about the process. …

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