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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

PKL 2019: UP Yoddha vs Bengaluru Bulls live streaming details

first_img LIVE TV Written By FOLLOW US Last Updated: 11th October, 2019 14:49 IST PKL 2019: UP Yoddha Vs Bengaluru Bulls Live Streaming Details UP Yoddha and Bengaluru Bulls will face each other In the 132nd game of PKL 2019 at the Saheed Vijay Singh Pathik Sports Complex in Greater Noida on Friday. First Published: 11th October, 2019 14:49 IST UP Yoddha and Bengaluru Bulls will play each other on Friday, October 11. The match will be at Shaheed Vijay Singh Pathik Sports Complex, Greater Noida. This match will bring an end to the PKL 2019 league stages. Both teams, along with Dabang Delhi KC, Bengal Warriors, U Mumba and Haryana Steelers have qualified for the PKL playoffs. Also read | Dream11 UP Yoddha Vs Bengaluru Bulls: Team News And Match Prediction Also read | Dream11, Dabang Delhi KC Vs U Mumba: Team News And Match PredictionPKL 2019: UP Yoddha vs Bengaluru Bulls live streaming detailsPro Kabaddi League is available to viewers through various platforms. To live stream the game, you can use Hotstar, as it is their exclusive streaming partner. On TV, Star Sports Network broadcasts the match on these channels – Star Sports 1, Star Sports 2 and Star Sports 1 HD. The UP Yoddha vs Bengaluru Bulls will start at 20:30 IST. SUBSCRIBE TO US Devika Pawar WATCH US LIVE COMMENT Also read | PKL 2019: U Mumba Vs Dabang Delhi KC Schedule And Live Stream DetailsPKL 2019, UP Yoddha vs Bengaluru Bulls: Performance and player detailsAs per the current PKL points table, UP Yoddha are ranked fifth with 69 points. Shrikant Jadhav is their top performer with 131 raid points. Sumit is their lead defender with 70 tackle points in PKL 2019. Nitesh Kumar, their captain, has also performed consistently. Rishank Devadiga and Surender Gill have also been crucial for the team to bag a win.Also read | PKL 2019: Fazel Atrachali’s U Mumba Beat Haryana Steelers 39-33Pawan Kumar Sehrawat, with 309 points to his name, is Bengaluru’s top performer. He has a total of 295 raid points. Mahender Singh is Bengaluru Bulls’ top defender with 51 tackle points. Even Saurabh Nandal has scored 50 tackle points. Both defenders work well together. Bengaluru Bulls are currently ranked sixth on the PKL 2019 points table.last_img read more