Sharp Credit – Credit News – Credit Information
This week, the National Association of Mortgage Brokers pleaded with its members and the general public to join the organization as it continues to urge Congress to amend the Fair Housing Act and Equal Credit Opportunity Act.
The organization is just one of many that believe military veterans are faced with discrimination when applying for mortgages. By demanding an amendment, NAMB hopes Congress will take corrective action by creating protections in housing finance and contracts for Veterans.
“Currently, when seeking to apply for a mortgage, veterans utilizing their VA housing benefits are faced with those in the market place that discriminated against them,” NAMB writes. “NAMB demands Congress take corrective action by creating protections in housing finance and contracts for Veterans.”
The Fair Housing Act, which was introduced in 1968, protects Americans from housing discrimination when they are renting or purchasing a home, seeking housing assistance or applying for a mortgage. However, the Equal Credit Opportunity Act, implemented in 1974, prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age and more.
NAMB wants Congress to expand these protections to include securities for the nation’s veterans by prohibiting discrimination on account of veteran status.
These are the three immediate updates NAMB seeks to implement:
- Expand the protected classes to include veteran status.
- Refuse a private right of action to enforce these provisions.
- Prohibit any person to take the status of being a veteran into account in connection with the evaluation of creditworthiness of an applicant or acceptance of a home purchase contract.
“The Federal government should implement a Federal statute protecting veterans claiming their VA housing benefits,” NAMB President Richard Bettencourt said. “Veterans and their families sacrifice each and every day to ensure the American way of life continues and it is a small gesture for Congress to amend these current laws so those who pave the way for all Americans to live wonderful lives, don’t have to experience unneeded discrimination.”