Correction Please
Want to Borrow More Housing Troubles? Been There, Done That.
Item: The New York Times, in an April 15 editorial entitled “A ‘Black Tax’ on Housing,” maintained: “Minority communities that were ravaged by predatory lenders during the run-up to the recession have now been shut out of the credit market entirely because of tightened lending standards.”
The editors went on to comment: “In a sensible world, the federal government would be suppressing predatory lending while beefing up programs that provide affordable home mortgages and refinancing arrangements. Instead, the Trump administration and Congress are gearing up to gut federal fair lending protections and make it easier to hide emerging patterns of predatory financing.”
“In the absence of federal leadership, mayors and governors will be left holding the bag when default and declining ownership levels hollow out more communities. So it is up to them to find and root out abuses in real estate lending and to close the racial gap in homeownership. They can expect no help from the Trump administration.”
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