Racial discrimination in mortgage lending has declined sharply in America

“ATLANTA’S BLACK neighbourhoods are under attack.” So wrote the editors of the Atlanta Journal-Constitution in May of 1988 upon the release of “The Colour of Money”, a series of articles documenting racial disparities in mortgage lending in Georgia’s most populous city. The Pulitzer Prize-winning investigation, which analysed $6bn-worth of home loans made over six years, found that Atlanta banks made five times as many loans to white neighbourhoods as black ones, and rejected black applicants four times as often. The reaction was swift. Demonstrators marched through bank lobbies, the NAACP urged black residents to withdraw their bank deposits and the Justice Department launched an investigation into discriminatory lending practices.