The Center for Responsible Lending praised the new rule. Its executive vice president Nikitra Bailey said that when people live in communities of opportunity they are more likely to prosper and when they don't they often end up paying more for mortgages and basic financial services which cripples their ability to save, build wealth, and drains money that could be used to help them climb the economic ladder. "Today's rule will help address a legacy of racial segregation tied to housing patterns that continue to contribute to growing economic inequality. Coupled with the historic Supreme Court decision on disparate impact from just weeks ago, this is a hopeful sign for equality and justice in a housing sector that includes people of color, families with children, seniors and people with disabilities."
Thursday, July 9, 2015