Senator shines light on mortgage gap
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COLUMBIA — After learning that whites are getting better mortgage rates than blacks in Charleston and North Charleston, state Sen. Robert Ford decided to host a public forum Tuesday to bring attention to the problem.
“Something is terribly wrong,” said Ford, D-Charleston. “We have to learn as consumers, particularly black consumers, how to spend our hard-earned dollars.”
Ford planned the discussion after learning of a recent report that found the Charleston area ranked eighth-highest in the nation in inequalities between whites and blacks in mortgage lending.
The purpose of the forum, which will be held from 6 to 8 p.m. in North Charleston City Hall at 4900 LaCross Road, is to educate residents about how to get the best lending rates.
The report, using numbers from 2005, is from the National Community Reinvestment Coalition, a Washington-based organization that seeks to equalize access to credit and banking services.
Currently, Ford said he is not advocating new legislation to address the issue. He said the state cracked down on predatory lending in a 2003 law.
Invited are representatives from mortgage companies, advocacy groups, credit unions, insurance brokers, and the U.S. Department of Housing and Urban Development, as well as lawmakers.
U.S. House Majority Whip Jim Clyburn, R-S.C., said it’s an underlying mindset that allows the disparity to continue. He cited the proliferation of the payday lending industry as an example.
“We have been working very hard in recent years not to deny our history, but to accept it and move on,” said Clyburn, who was invited but cannot attend because of his duties in Washington.
“A lot of institutions will develop their practices based upon what they think the state will allow,” he said.
Reach Yvonne M. Wenger at ywenger@postandcourier.com or 803-799-9051.
