Home Mortgage Affirmative Action

"By a 237-192 margin, the House of Representatives on June 30 passed the 2,300-plus-page conference bill which is designed to protect households from predatory practices by banks, subprime lenders, brokerages and other financial intermediaries. Yet in practice the measure is likely to invite a new generation of reckless lenders and unqualified borrowers. That’s because during House-Senate conference sessions, affirmative action zealots managed to insert a series of mandates whose implicit intent is to lower credit standards for nonwhites so as to boost their rates of homeownership."