Maurice Jourdain-Earl on how COVID-19 forbearance moratoriums widen the Black homeownership gap
Today’s Daily Download episode features an interview with Maurice Jourdain-Earl, co-founder and managing director of Compliance Tech. In this episode, Jourdain-Earl discusses his LinkedIn article that tackles the COVID-19 forbearance moratorium, in which he says enlarges the wound caused by a lack of Black homeownership in America.
Jourdain-Earl explains why he believes Section 4022 of the CARES Act will have a disparate impact on Black Americans and shares what HMDA data reveals about racial disparities regarding federally backed mortgage loans.
According to him, as the vast majority of Black Americans are renters, programs intended to aid homeowners will largely benefit white America, which he says will further the homeownership gap.
“I believe there is power in data, and one of the reasons I wrote this particular piece was to provide some exposure and touch on how the CARES Act can be executed in a way that the [overall] public can benefit,” he said. “I also believe the use of this data can bring about a greater sense of knowledge on the dual mortgage market that we have in America that is separate and unequal.”
Notably, Jourdain-Earl also discusses mortgage data from ComplianceTech, that he says reveals racial disparities regarding the lending patterns of federally-backed mortgage loans.
“The bottom line is this, if you are Black in America, you are more than three times as likely to get a government loan than a conventional loan, and data is beginning to show that lenders that do not originate a large share of government loans are more likely to have a redlining profile,” he said.
The Daily Download examines the most compelling articles reported from the HousingWire newsroom team. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham.
HousingWire articles covered in this episode: