Banks and mortgage lenders are urging the Trump administration to scrap a plan to water down an Obama-era regulation geared toward combating discrimination in housing, saying it’s inappropriate amid the nationwide depending on race.
Bank of America Corp. and Quicken Loans Inc. in current days got here out towards the initiative, which might make it more durable to pursue housing-discrimination instances by raising the burden of proof wanted to deliver a declare. Lenders had been typically supportive of the modifications after they had been floated final yr.
“Given the current protests and occasions, and the popularity of the place we’re as a rustic, we’d respectfully supply that the time just isn’t proper to difficulty a brand new rule,” Financial institution of America Vice Chairman Anne Finucane wrote in a June 29 letter seen by The WSJ and never beforehand reported.
On Monday, the Nationwide Affiliation of Realtors, which had been lukewarm towards the proposal, additionally urged the Division of Housing and City Growth to scrap it. HUD is charged with implementing the Truthful Housing Act, a landmark antidiscrimination regulation enacted in 1968.