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Morgan Stanley says housing discrimination has taken a huge toll on the economy

first_imgIn addition to its human toll, racial housing inequality is exacting an economic price that has cost nearly 800,000 jobs, $400 billion in tax revenue and prevented about five million from owning homes, according to a Morgan Stanley analysis.Disparities in home ownership are a root cause of wealth disparities across society, the Wall Street firm said in research that also looked at the rising unaffordability of rental housing and how that fits into the broader issue.The analysis found that Blacks still have a harder time getting a mortgage than Whites, causing a snowball effect that results in lower credit ratings, pushing minorities into lower-quality housing and further into the fringes of society.- Advertisement – Suburbs of San Diego, CaliforniaSkodonnell | iStock / 360 | Getty Images – Advertisement – – Advertisement – While Morgan Stanley said the gap can be explained somewhat by age, income and education, discrimination in getting home financing also plays a major role.“Disproportionately high rates of home loan application denials for Black and Hispanic applicants are a key factor contributing to the homeownership gap,” the report said. Citing data from the Home Mortgage Disclosure Act, the report noted that 16% of Black households and 12% of Hispanics were refused a mortgage in 2019, compared to just 8% of White households.Morgan Stanley floats several proposals to deal with the problem.The report cites the likelihood that President-elect Joe Biden will institute more regulations that address inequality. However, it also states the need for more rental housing units rather than simply instituting different regulations for the existing stock.There’s also a recommendation for greater scrutiny of how banks and other financial institutions are lending, especially for loans not backed up by government enterprises like Fannie Mae and Freddie Mac. Even when they get mortgages, Black and Hispanic families usually pay significantly higher rates – generally more than half a percentage point above the prevailing rate.Morgan Stanley’s analysts also call for a rental and homeowner bill of rights, expansion of the Community Reinvestment Act, and the creation of a $100 billion Affordable Housing Fund.The authors also address financial literacy and its importance for prospective borrowers to know what they’re getting.Fixing the disparities could result in 4.9 million more households created, along with 784,000 jobs and $400 billion in tax revenue by bringing homeownership levels in line from a race standpoint, according to the analysis.The report cites a number of initiatives from big Wall Street banks to address disparities: $1 billion from Citigroup and $30 billion from JP Morgan Chase, two name two. – Advertisement – “Inequality compounds in exactly the same way as interest — small, nearly negligible differences accrue into significant gaps over time,” Morgan Stanley analysts said in a lengthy report. “Racial inequality in access to homeownership is real, is compounding existing inequality, and is contributing to a rental affordability crisis that’s especially acute among lower-income earners.”Though rising, the homeownership rate for Blacks remains well below that of Whites, Asians and Hispanics.The rate as of the third quarter of 2020 was 46.4% for Blacks, compared to 67.4% for Whites, according to the Census Bureau. The Black rate was 41.5% at the beginning of 2016; the gap with Whites then was 22 percentage points, while it currently is 21 points.last_img read more

Albany Creek home on the market after 26 years

first_img30 Oakmont Crescent, Albany Creek.The couple have three married children who have since moved out of home.“We were in the area for 22 years before we bought here, it was a really nice little tight-knit community, which we’ve seen grown,” Mr Hirn said.The home, at 30 Oakmont Crescent, has four-bedrooms and two-bathrooms.More from newsFor under $10m you can buy a luxurious home with a two-lane bowling alley5 Apr 2017Military and railway history come together on bush block24 Apr 2019The large study is ideal for those that may need to work from home. 30 Oakmont Crescent, Albany Creek.And its location close to the front door is ideal for those wanting to operate a business from home. For those quiet times there is a separate formal lounge where you can sit back, relax and enjoy your favourite book in front of the fireplace.The separate formal dining area is ideal for entertaining family and friends.The master suite has a large walk-in robe, separate shower and toilet, spa bath and the glass brick feature wall bathes the bathroom in natural light. 30 Oakmont Crescent, Albany Creek.Leslie and Yvonne Hirn have lived at their Albany Creek home for the past 26 years and are ready to downsize and move up the coast.Their architecturally designed and constructed property is on the market for the first time since being built in 1990. center_img 30 Oakmont Crescent, Albany Creek.Mr Hirn said his favourite part of the property was the lovely outlook from the lounge room out into the distance.He said a rumpus room was above a three -car garage which provided an ideal space for a teenager’s retreat or pool room, and providing great separation for parents as well.“It’s a beautiful multipurpose room with an interesting roofline,” he said.“The kids loved to be there.”He said the home would best suit a family with teenage kids.last_img read more

Swiftwater Rescue Team saves boy

first_imgLAKE BALBOA – A Swiftwater Rescue Team plucked a 12-year-old boy Tuesday from the chilly, choppy waters of a flood-control channel, where he was clinging to a concrete bridge pylon after being swept one-half mile downstream. “Had he continued downstream for less than a mile more, he would have hit rough rocks and would not have had a chance,” said Brian Humphrey, spokesman for the Los Angeles Fire Department. The boy, whose name was not immediately released, was taken to Valley Presbyterian Hospital for evaluation. His mother was at his side. “He was clearly cold and wet and shaken,” Humphrey said, but suffered no obvious injuries. It was unclear why the boy was in the channel, whose waters were about 10 feet deep, Humphrey said. “Boys are independent by nature, but we’ve had people of all ages fall into the channels. They are (drawn) by the moving water. When it comes to storm drains and channels, we say: Stay away. Stay alive.” A resident of the 16700 block of Sherman Way called 911 at 6:24 p.m. and reported seeing the boy hanging on to the pylon supporting the bridge along the Bull Creek flood-control channel, about one-half mile from the Los Angeles River. The channel empties into Lake Balboa, Humphrey said. Two helicopters and about 50 firefighters from the West Van Nuys station, including members of the Swiftwater Rescue Team, found him and brought him to safety using a rope, Humphrey said. “We secured him very quickly,” Humphrey said, adding that the water in the channel moving quickly, its flow strengthened by recent rains. He added that firefighters were glad the resident called 911 and did not attempt to rescue the boy. Due to the heavy rain Tuesday, the special water-rescue team had been deployed in the San Fernando Valley. susan.abram@dailynews.com 818) 713-3664 AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREOregon Ducks football players get stuck on Disney ride during Rose Bowl event160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more


first_imgGardai have appealed to drivers to slow down this evening.The head of the Donegal Traffic Corps has appealed to drivers to be extra cautious this evening as an orange status alert is issued for rain across the county.Inspector Michael Harrison appealed to drivers to slow down as a heavy band of rain arrives across Donegal.Inspector Michael HarrisonHe told Donegal Daily “Met Eireann has issued an orang alert and that has been issued for a reason. We are expecting very heavy rain across Donegal this evening. “There is the likelihood that roads could be flooded and there could be a lot of surface water.“We are asking people to slow down and not to take any chances on the roads this evening.”Met Éireann has issued a level orange alert this morning warning that some thundery downpours will develop, leading to spot flooding and possibly accumulations of 35 to 50mm, but up to 70mm possibly on hilly ground and on mountains.The poor weather will create potentially hazardous conditions for road users. As such the RSA is advising drivers that: • It takes longer to stop a vehicle on wet roads so slow down and allow extra distance between you and the vehicle in front, 4 seconds at a minimum (use the 2 second rule and repeat it twice).• Take special care when driving behind trucks or buses as they generate a considerable amount of spray which reduces your visibility.• Watch out for vulnerable road users such as pedestrians, cyclists and motorcyclists.• Use dipped headlights at all times of poor visibility not parking/side lights and fog lights.• Be mindful of Aquaplaning on roads where 100/120kmh speeds apply. Aquaplaning occurs where the tyre thread fill with water and the driver is at risk of losing control of the vehicle. • Pedestrians, cyclists and motorcyclists are advised to be seen. Wear bright clothing with reflective armbands or a reflective belt.• Pedestrians should walk on a footpath, not in the street. Walk on the right hand side of the road, facing traffic if there are no footpaths.• Allow extra space between you and vulnerable road users such as cyclists and motorcyclists• Monitor radio weather broadcasts while travellingThe RSA also has the following advice for driving in flooded conditions;• If the road ahead is flooded choose another route, do not attempt to drive through it. Flooded roads that appear shallow could be deeper than you think.• After going through water, drive slowly with your foot on the brake pedal for a short distance – this helps to dry the brakes. • Sometimes roads can be closed due to their fragile state after wet weather or because they are blocked by flooding.• Road users should always follow recommended routes and obey signs closing roads to traffic.• Watch out for washed out roads, earth slides, broken water or sewer mains, loose or downed electrical wires, and fallen or falling objectsFor more weather updates visit Met Eireann’s website www.met.ieGARDAI PLEA TO DRVERS AS ORANGE RAIN ALERT ISSUED FOR DONEGAL TONIGHT was last modified: September 11th, 2015 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:GardaiMichael Harrisonrainwaterlast_img read more