Tuesday, November 28, 2006

Want a mortgage? Where do you live?

Mary Umberger reports in today's Tribune on the continuing debate surrounding credit counseling and zip codes. The IDFPR wants to curb predetory lending in certain zip codes by requiring credit counseling for those who meet a certain criteria. But many find their suggested rule will promote "redlining" of certain neighborhoods and racial orientation.

Basically, if credit counseling is to be required for consumers with bruised credit histories, it should be across the board. Although, it's hard for me to justify this requirement at all for consumers, it should cover every state citizen that meets the financial criteria. Don't stigmatize people for where they live. Read the story and tell me what you think.

Yo Chicago continues the discussion

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