The Metropolitan Washington Council of Governments has been designated by the federal government as the central depository for data on Washington-area mortgage loans, information that can be used by neighborhood groups and others in determining where local lenders are placing mortgage funds.
The data is submitted under provisions of the Home Mortgage Disclosure Act to the Federal Reserve, the FDIC, the Federal Home Loan Bank Board, the National Credit Union Administration and the Comptroller of the Currency. In addition, data on FHA loans is compiled by the Department of Housing and Urban Development.
Mortgage loan data has figured in a number of recent banking actions. In 1980, for example, Riggs National Bank, the District's largest, was accused by two citizens' groups of "redlining" -- refusing to make loans -- in certain neighborhoods. The groups said they had determined that 79 percent of the bank's single-family home mortgage money between 1972 and 1975 went to neighborhoods west of Rock Creek Park.
While the Comptroller of the Currency did not find that Riggs had redlined, the bank agreed to take steps to increase loans to low- and moderate-income groups.
The loan figures in COG's files begin with 1980 and are grouped by dollar amount and area. Data from earlier years is not included. COG will make copies of the data at a cost of 20 cents a page.
The disclosure statements are available to the public from 9 a.m. to 5 p.m. at COG's Metropolitan Information Center at 1875 I St. NW.