Credit Reinvestment Act (CRA) and Equal Credit opportunnity Act (ECOA) and Fair Lending Notice are good places to start. Giving 100% loans to people with 550 credit scores was idiotic. People who could not or would not pay minor bills within 30 days. However, if a person qaulified based on the underwriting guidelines, I could not turn them down. Doing so would violate ECOA. Damend if you do, damned if you don’t. I wish someone would point his out to the jerk offs in congress.
BTW, with all the noise they have been making, they have maded it harder to qualify for a traditional FAnnie/Freddie loan. Now everyone suffers.
Thanks Georgia. The more of this that hits the light of day, the better. My thoughts had run along the lines of what you posted. It really bothers me that we have such terrible people representing us in Congress.
Haven’t some judges hurt lending practices also, demanding equal access? (which of course isn’t equal at all as it relates to credit worthiness)