68L71
Well-known member
- Joined
- May 13, 2008
- Messages
- 747
1. The push to extend mortgages to less qualified buyers was amplified by the Home Mortgage Disclosure Act (HMDA), passed in 1975 and expanded in 1991 to require lenders to report rejection rates by race. Lenders were put on notice that their lending practices would be examined for evidence of bias, with violators facing the possibility of fines as high as $500,000.
2. A related problem began with the Community Reinvestment Act (CRA) of 1977. If lenders wanted to expand their lending, they had to balance their loans to financially secure buyers with loans to buyers who did not meet the conventional mortgage criteria.
BS like this needs to stop…and obama claims the market is too free and unregulated????
2. A related problem began with the Community Reinvestment Act (CRA) of 1977. If lenders wanted to expand their lending, they had to balance their loans to financially secure buyers with loans to buyers who did not meet the conventional mortgage criteria.
BS like this needs to stop…and obama claims the market is too free and unregulated????
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