Lawmakers Intro Bill to Prevent Housing Discrimination
Dem lawmakers introduced legislation that they say would give home loan regulators and fair housing advocates the information they need to hold banks accountable for discriminatory or unfair lending practices. The Home Loan Quality Transparency Act would restore the requirement that loan quality criteria are made publically available by any lender issuing a significant number of mortgages and home equity lines of credit each year. For many Americans, housing discrimination is a fact of life. Redlining and other policies and practices have contributed to a widening in the Black-white homeownership rate gap over the past century, despite legal protections. Women and people of color frequently face tougher roads to home ownership and obtaining mortgage loans across the country. And yet last year, Congress voted to roll back consumer protections that held lenders accountable for discriminatory mortgage and lending practices in the Dodd-Frank Wall Street Reform and Consumer Protection Act -- which brought significant changes to financial regulation. Many Americans are still feeling the pain of the financial crisis, particularly communities of color who were targeted by predatory lenders. Minority borrowers were even worse off because they disproportionately received riskier, more expensive loans. The legislators argue this bill would help level the playing field. The bill was introduced by Democratic Senators Catherine Cortez Masto (NV), Kamala Harris (CA), Cory Booker (NJ),Tammy Duckworth (IL), Bob Menéndez (NJ), Elizabeth Warren (NJ), Dick Durbin (IL), Maria Cantwell (WA), Dianne Feinstein (CA), Kirsten Gillibrand (NY), Tina Smith (MN), Chris Van Hollen (MD), and Ron Wyden (OR). More here.