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Thursday, June 26, 2014

Keating Op-Ed: Remove Homeownership Barriers for Latinos

The government should remove barriers to Latino homeownership, ABA President and CEO Frank Keating said in a Huffington Post op-ed yesterday, explaining how the CFPB’s new mortgage rules have put up too many unintended barriers to the Latino community.

The rules require more documentation of wage income, relying less on bankers’ knowledge of customers’ integrity, he said. The result is that it’s harder for seasonal or self-employed workers, recent immigrants or people who share housing — all of which disproportionately affects Latinos.

We know no one intended to crimp mortgage credit for the Latino community. But that's what we are observing, and only Congress and the regulators can undo these unintended consequences. Nobody should stand in the way of creditworthy Latino homebuyers.

Read the op-ed.

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