H2O

Jim Cramer's Mad Money In-Depth, 11/30/07: Holy Moly

Under The - Fair Lending Laws and Regulations

Section 202.5(a) of Regulation B

Example: A lending officer told a customer, "We do not like to
make home mortgages to Native Americans, but the law says we
cannot discriminate and we have to comply with the law." This
statement violated the FHAct’s prohibition on statements expressing
a discriminatory preference as well as Section 202.5(a) of Regulation
B, which prohibits discouraging applicants on a prohibited basis.



FTC Response
The law makes discrimination illegal and contains
certain other rules

Both Acts give you the right to sue for damages and to
obtain attorney's fees and costs if your suit is
successful.


Sincerely yours,


Consumer Response Center

Enclosures:
1. Mortgage Discrimination (REA-08)

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