January 24, 2015

Banks Urge Supreme Court to Weaken Fair Housing Law

Why has the banking industry urged the Supreme Court to take away key tools to fight housing discrimination? I shared my thoughts this week in a New York Times DealBook column:

“In the wake of a recent winning streak with Congress in rolling back reform, the banks now seek a fresh victory at the Supreme Court. The much-anticipated Fair Housing Act case . . . which was argued on Wednesday, does not directly involve banks or even borrowers. It stems from an arcane dispute over the allocation of federal tax credits to low-income housing developments in Dallas. The impact, however, could be much broader. . . .The court’s decision, expected before July, may greatly reduce liability for unfair mortgage financing practices nationwide and limit the ability for the government to combat predatory lending.”

Read more here.