Fair Housing
A Connecticut lender requires a higher interest rate from borrowers in a certain ZIP code, regardless of creditworthiness. This is an example of:
ALegal risk-based pricing
BRedlining, which is illegal under fair lending laws✓ Correct
CStandard market-rate lending
DRESPA compliance
Explanation
Charging higher rates based on geographic area linked to race or ethnic composition is a form of redlining and reverse redlining, violating the Equal Credit Opportunity Act and Fair Housing Act.
Related Connecticut Fair Housing Questions
- A Connecticut landlord with 12 units refuses to rent to a qualified applicant because of the applicant's religion. The maximum civil penalty for a first violation of the federal Fair Housing Act can be up to:
- A Connecticut apartment manager tells a prospective Hispanic tenant that no units are available when in fact a unit was shown to a non-Hispanic applicant an hour earlier. This is called:
- Blockbusting is the illegal practice of:
- A Connecticut real estate agent who only shows homes in neighborhoods matching the buyer's ethnic background (without the buyer requesting this) is engaged in:
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- Connecticut's 'affirmatively furthering fair housing' obligation requires municipalities receiving federal housing funds to:
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