Finance
What is the Home Mortgage Disclosure Act (HMDA) designed to do?
ASet maximum interest rates for home loans
BRequire lenders to collect and report mortgage data to detect discrimination✓ Correct
CProvide federal insurance for all mortgages
DRegulate the secondary mortgage market
Explanation
HMDA requires lenders to collect and report data on mortgage applications and originations, allowing regulators to identify patterns of discriminatory lending (redlining) in communities.
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