Banker & Tradesman, February 23, 2020: Trump Moves to ‘Gut’ Fair Housing
The Trump Administration’s moves to change – some say “gut” – the nation’s fair housing policies may have awakened a sleeping giant.
And the reason is pretty straightforward: It’s simply bad for business.
Besides being unfair, discrimination against consumers on the basis of race, gender or income means fewer people will be renting or buying houses.
Among the fair housing building blocks the administration has been trying to weaken are the long-standing Fair Housing and the Community Reinvestment acts, as well as the Consumer Financial Protection Bureau, which was created only a decade ago in response to the mortgage crisis, largely to protect borrowers.
What the changes will really do, the National Community Reinvestment Coalition maintains, is “weaken affordable housing standards” by devaluing bank branches in low- and moderate-income neighborhoods, scaling back bank accountability and excusing small banks from rigorous CRA exams.
“There is no doubt that these proposed changes will be disastrous for low- to moderate-income communities,” says NCRC chief executive Jesse Van Tol.
