J.J. McCorvey

speaker

619 appearances 13 recordings 1 series first heard May 2021 last heard Jul 2022

J.J. McCorvey’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Missing From the Refinancing Boom: Black Homeowners · 24 Jun 2021 podcast

As of February 2020, 15.6% of Black borrowers missed at least one payment by February of this year compared with 6.5% of white borrowers.

And that's not really surprising when you think of how the economy affected unemployment.

And that made it more likely when you miss a mortgage payment to go into forbearance and then borrowers who enter forbearance are then ineligible for mortgage refinancing.

So it's just kind of creates this cycle.

Yeah.

One of the reasons experts say that some people don't want to refinance is that Black-owned homes are undervalued.

And sometimes when you get a decent rate with your mortgage, you don't want to go through the refinancing process because you might get the appraisal and find out that your home is not worth what you thought it would be or what it should be.

So research from the Brookings Institute found that Black-owned homes were undervalued by $48,000 on average, and that results in a cumulative loss of $156 billion.

I also want to talk about the broader effect of the legacy of discrimination against minorities in the financial system, from redlining, which can include denying or limiting financial services based on race,

How that can discourage people from calling lenders and asking about refinancing options in the first place or try to push for better rates is this kind of sentiment where it's like, well, I don't want to rock the boat.

I got in, I got my home, I got my rate.

I don't want people scrutinizing my credit again or potentially undervaluing my home.

And then many minority families just have developed this really strong wariness of the country's housing and banking infrastructure.

And that results in this hesitancy to apply for programs that might benefit homeowners.

Yeah, so earlier this month, we saw the Biden administration announce the set of interagency efforts to address inequities in the housing industry.

For example, there was a new $10 billion community revitalization fund to support infrastructure projects to kind of spark economic activity in Black communities, build community wealth.

$15 billion in grants to support the planning, removal, retrofitting of existing transportation

transportation infrastructure, community connectivity, mobility, economic development.

There's a new neighborhoods home tax credit to invest in the building of affordable homes for low and moderate income homebuyers and homeowners.

So there are some efforts underway here.

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