New-deal mortgage programmes benefited white borrowers disproportionately.

We show that the Federal Housing Administration (FHA) and Veterans' Administration (VA) mortgage programmes had few Black borrowers and proportionate foreign-born borrowers in their early years.

We show that the Federal Housing Administration (FHA) and Veterans' Administration (VA) mortgage programmes had few Black borrowers and proportionate foreign-born borrowers in their early years. Although scholars have long posited that the beneficiaries of these programmes were…