I was shocked to hear that a public service announcement was in use as a way of letting people know that it is illegal to discriminate against others who want to borrow money to buy a home. Really, this is 2008 and perhaps it is a bit naive to think that this is something that is finished. The fact is, the law is clear. You should not be discriminated against for any reason, especially your race, your religion, your familial status, your national original, your color or a disability.
What Is That About?

HUD announced that it was putting in place a public service announcement that would begin airing throughout the country on television as well as radio. The goal is to educate minorities of their right to own a home. According to the official press release out of the U. S. Department of Housing and Urban Development, the service announcement will feel Denis Haysbert, who you may know better as President Palmer on the television show “24.”

Here’s how the public service announcement will play out, according to the press release, “The PSA shows Haysbert, sitting in a café, drawing his dream home on a napkin and explaining that it is illegal to discriminate in lending because of someone’s race, color, national origin, religion, sex, familial status, or disability. The PSA ends with the tagline “HUD - One Call. Many Answers,” and encourages people to call HUD’s fair housing hotline, 1 (800) 669-9777, or log onto HUD’s Web site, www.hud.gov/fairhousing, if they believe they have experienced lending discrimination. “

Discrimination in Lending

If you feel that you have been discriminated against, now is the ideal time to step up. Even more so, if you feel that your lender is not doing enough to help you get into the right mortgage for you, I urge you to take action. FHA is an ideal program for those that are low income but able to make home mortgage payments. It is also an ideal way to get out of those subprime loans.

According to the press release, African Americans and Hispanics receive less information regarding the loan terms as well as often charged a higher fee. They are often told not to apply for the loan. Legally, it is unlawful to do these things. If they are happening to you, the Fair Housing Assistance Program can help you. You can contact them at 800 669-9777.

If you are struggling with a lender, give them a call. Alternatively, contact a lender that is willing to work with you. While there is discrimination out there, it does not come from all lenders.

This entry was posted on Tuesday, July 1st, 2008 at 10:39 am and is filed under The Market. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.