This is rich
January 15, 2010 | Center for Responsible Lending, alternatives, customers, federal legislation, industry | Comments (0)The Justice Department is investigating banks and mortgage lenders that discriminate against minorities. From today’s New York Times:
The Justice Department is beginning a major campaign against banks and mortgage brokers suspected of discriminating against minority applicants in lending, opening a new front in the Obama administration’s response to the foreclosure crisis.
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“They encourage lenders to make risky loans for reasons such as diversity, and then when lenders have a problem because they made too many risky loans, they condemn them for that,” said Ernest Istook, a fellow at the conservative Heritage Foundation and a former Republican congressman from Oklahoma.
And I would add, if you don’t discriminate in any respect, such as payday lenders, you are criticized for “targeting.”
Note that a lawyer from the Center for Responsible Lending has been hired by the Justice Department to pursue this investigation.
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