Sec. 2. Findings
85 words·~1 min read·
/bill/117/hr/2553/ih/section-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Congress finds the following: Two Federal agencies, the Federal Home Owners’ Loan Corporation and the Federal Housing Administration played a major role in the development of the modern home mortgage origination industry. Both Federal agencies explicitly considered the racial and ethnic make up of neighborhoods when underwriting loans and valuing the real estate to be used as home loan collateral. Both agencies devalued property or refused to make loans secured by property in communities of color. The harmful consequences of this discrimination remain unresolved.