Trump administration seeks to make it easier for banks to reject loans for people of color
The Trump administration is attempting to reverse Obama-era rules that fight racial discrimination in housing.
It's also targeting a federal law that's underpinned the desegregation of American neighborhoods for a half-century known as the Fair Housing Act of 1968.
The Department of Housing and Urban Development (HUD) is completing a regulation scaling back a rule that combats discrimination even when its unintended - such as banking lenders' use of algorithms that disproportionately reject applicants of color.
Other proposed changes include eliminating a rule withholding federal funding from cities and municipalities that fail to confront segregation.
"The proposed rule entirely ignores the essential racial desegregation obligations of fair housing law," Diane Yentel, president of the National Low Income Housing Coalition, told The Washington Post.
At: https://markets.businessinsider.com/news/stocks/trump-seeking-roll-back-housing-desegregation-rules-discrimination-fair-act-2020-1-1028848036
HUD Secretary Ben Carson: federal efforts to desegregate neighborhoods, a "failed socialist experiment."
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