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.