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Discrimination motivated by prejudice is contingent on the racial composition of neighborhoods where the loan is sought and the race of the applicant. Lending institutions have been shown to treat black and Latino mortgage applicants differently when buying homes in white neighborhoods than when buying homes in black neighborhoods. [19]
Public Law 94-200, 94th Congress, S. 1281: An Act to extend the authority for the flexible regulation of interest rates on deposits and share accounts in depository institutions, to extend the National Commission on Electronic Fund Transfers, and to provide for home mortgage disclosure. [Home Mortgage Disclosure Act]
The Act was set in place to encourage banks to halt the practice of lending discrimination. There is debate among economists regarding the effect of the CRA, with detractors claiming it encourages lending to uncreditworthy consumers [100] [101] [102] and defenders claiming a thirty-year history of lending without increased risk. [103] [104 ...
Housing discrimination laws and resources. Currently, 22 states and Washington D.C. have housing protection laws in place for those discriminated against based on sexual orientation and gender ...
WASHINGTON -- Wells Fargo & Co has agreed to pay $125 million to resolve allegations it discriminated against certain borrowers on the basis of race and national origin in its mortgage lending ...
Women's mortgage applications cannot be denied because they are pregnant or on maternity leave, because such familial status- and sex-based discrimination violates the Fair Housing Act.
The Community Reinvestment Act (CRA, P.L. 95-128, 91 Stat. 1147, title VIII of the Housing and Community Development Act of 1977, 12 U.S.C. § 2901 et seq.) is a United States federal law designed to encourage commercial banks and savings associations to help meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods.
Housing discrimination in the United States refers to the historical and current barriers, policies, and biases that prevent equitable access to housing.Housing discrimination became more pronounced after the abolition of slavery in 1865, typically as part of Jim Crow laws that enforced racial segregation.