Finance
The Home Mortgage Disclosure Act (HMDA) requires lenders to:
AMake loans in all neighborhoods regardless of risk
BCollect and report data about mortgage applications, including applicant demographics and loan outcomes✓ Correct
CLimit mortgage rates to the prime rate plus 2%
DProvide counseling to all first-time buyers
Explanation
HMDA requires covered lenders to collect, report, and publicly disclose data about home mortgage applications and loans. This data helps regulators identify potential discriminatory lending patterns such as redlining.
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