Skip to main content

NAMB’s Call on Congress to Protect Homebuying Veterans

NationalMortgageProfessional.com
Apr 25, 2019
Photo credit: Getty Images/dkfielding

The National Association of Mortgage Brokers (NAMB) has urged its membership and the public to join them in their advocacy work to protect military veterans by urging Congress to amend the Fair Housing Act and Equal Opportunity Act to better insulate veterans against discrimination when utilizing their benefits.
The National Association of Mortgage Brokers (NAMB) has urged its membership and the public to join them in their advocacy work to protect military veterans by urging Congress to amend the Fair Housing Act and Equal Opportunity Act to better insulate vete
 
Currently, when seeking to apply for a mortgage, veterans utilizing their VA housing benefits, are faced with those in the marketplace that discriminated against them. NAMB demands Congress take corrective action by creating protections in housing finance and contracts for veterans.
 
NAMB seeks to amend the Fair Housing Act and Equal Credit Opportunity Act (ECOA) to expand the categories of prohibited discrimination when extending credit to include discrimination on account of veteran status. Three immediate updates NAMB seeks are as follows:
 
►To expand the protected classes to include veteran status;
►No private right of action to enforce these provisions; and
►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.
 
NAMB applauds the following states that have this protection today: Massachusetts, Indiana, Illinois, Washington, Ohio, New York. In addition, California is considering veterans protections in the rental market.
 
“The Federal government should implement a Federal statute protecting veterans claiming their VA housing benefits, said Richard Bettencourt, NAMB President. “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.”

 
Published
Apr 25, 2019
R.I. Mortgage Broker Pleads Guilty To $6M Ponzi Scheme

Decade-long scheme was used to finance a lavish lifestyle.

Regulation and Compliance
Sep 30, 2022
Fannie Mae Names Almodovar Its New CEO

Financial services veteran brings more than 30 years experience and a strong commitment to affordable housing.

Regulation and Compliance
Sep 29, 2022
OCC Fines Sterling Bank & Trust $6M Over Mortgage Fraud

Bank, parent company remain under criminal investigation by Justice Department and SEC.

Regulation and Compliance
Sep 27, 2022
Federal Court Shutters Sham Mortgage Relief Operation

FTC, California agency accuse 2 business owners of scam that cost consumers millions of dollars.

Regulation and Compliance
Sep 22, 2022
CFPB Seeks Input On Creating New Mortgage Products

Agency seeks information on refinances, mortgage products to promote competition and support household financial stability.

Regulation and Compliance
Sep 22, 2022
The Fed Raises Interest Rate 0.75% For The 3rd Time

Chairman said housing market may have to go through "a correction" to return to balance.

Regulation and Compliance
Sep 21, 2022