NYS Senator James Sanders Jr. represents the Rockaway peninsula and Broad Channel in the 10th Senate District. Photo courtesy of Sen. Sanders’ Office
The New York State Senate Banks Committee, chaired by NYS Senator James Sanders Jr., held a public hearing earlier this month to examine potential discrimination in New York’s home mortgage banking industry. The hearing brought together key stakeholders, including government officials, financial regulators, industry representatives, and consumer advocates, to address concerns regarding lending disparities and fair housing practices across the state.
Panelists provided testimony on existing challenges in mortgage lending, the impact of systemic discrimination on homeownership rates, and potential solutions to ensure a more equitable housing finance system. Discussions centered on patterns of mortgage denials, disparities in loan approvals, and the role of financial institutions in fostering greater access to homeownership opportunities.
“This hearing was a necessary step in exposing and addressing the racial and economic inequities that persist in the mortgage lending industry,” Sanders said. “Homeownership is one of the most important pathways to generational wealth, yet too many New Yorkers, particularly in communities of color, continue to face unfair barriers when trying to buy a home. We must hold financial institutions accountable and implement policies that ensure every New Yorker has a fair chance at achieving the American Dream.”
“Fairness and transparency in the mortgage lending process are essential to ensuring that all New Yorkers have access to homeownership, a key pillar of financial stability,” added NYS Senator George Borrello, the ranking member of the Senate Banks Committee. “It is critical that our lending institutions uphold accountability and integrity in their practices. I appreciate the attention this hearing has brought to this important issue and look forward to reviewing its findings and continuing the conversation on ways we can promote a fair and responsible housing finance system.”
“Homeownership is a key to not only fixing our ongoing housing crisis but also stabilizing our neighborhoods and building intergenerational economic security,” said NYS Senator Julia Salazar, a member of the Senate Banks Committee. “Racial and economic discrimination in the home mortgage banking industry is unfair, unjust, and sets us back on all of these important fronts. Lawmakers must do everything possible to prevent discrimination before it happens as well as hold accountable those that perpetuate it. This hearing serves that vitally important purpose on behalf of all New Yorkers.”
“The testimony from the esteemed panelists made one thing abundantly clear: there [are] deep-rooted structural discrimination problems that we must confront,” said NYS Assemblyman Clyde Vanel, the chair of the NYS Assembly Committee. “Minority…
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