NAMB’s Call on Congress to Protect Homebuying Veterans

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.

 

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.”

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