It's been 51 years since the U.S. Congress passed the Fair Housing Act and six since the Defense of Marriage Act was overturned by the Supreme Court. However, the Fair Housing Act doesn't include specific language for sexual orientation or gender identity in its protections.
The Equality Act, which is under consideration by the Congress, would add that language to civil rights laws nationwide. The act passed the House of Representatives in May and now awaits action by the Senate.
Demonstrator Carlos McKnight, from Washington, D.C., waves a rainbow flag outside the U.S. Supreme Court in Washington, D.C., U.S., on Friday, June 26, 2015. The high court will decide by the end of the month whether the Constitution gives gays the right to marry. The court's actions until now have suggested that a majority of the nine justices will vote to legalize same-sex weddings nationwide. Photographer: Andrew Harrer/Bloomberg *** Local Caption *** Carlos McKnight
Andrew Harrer/Bloomberg
Many in the mortgage industry support the bill, with Better.com as the latest to voice its endorsement. Better is part of a growing trend, joining the likes of Compass, Exp Realty, NAR, Realogy, Redfin and Remax, among others. The company is also joining the Human Rights Commission's wider business coalition, advocating for the legislation.
"Better.com pledges full and formal support for the Equality Act because the current status quo is unjust," Vishal Garg, founder and CEO, said in a press release. "Every human being — regardless of race, creed, sexual orientation or socioeconomic standing — deserves a fair shot at the American dream of owning a home."
Same-sex couples are 73.12% more likely to be denied from getting a mortgage based on data spanning 1990 to 2015, according to the Proceedings of the National Academy of Sciences. That higher likelihood of loan denial helps explain why LBGTQ+ homeownership sits 16% lower than the national average, according to a report by the National Association of Gay and Lesbian Real Estate Professionals and Freddie Mac.
"To know that even in 2019, there is a marginalized community without formal protected laws is unconscionable," Garg said. "The entire reason Better.com was created was to prevent this kind of discrimination in housing through technology. We stand behind all communities and support them as they pursue homeownership."
The Community Home Lenders of America and the Community Associations Institute want the FHA to insure loans on condos approved by Fannie Mae and Freddie Mac.
The Federal Open Market Committee's decision to reduce interest rates for the first time in nine months lifted bank stocks Wednesday. The 25-basis-point reduction could lead to net interest income headwinds now, but loan growth later, analysts said.
Most lenders said they had already priced in the widely-anticipated decision to cut short-term rates for 30-year home loans but other products will benefit.
The deal for the Class A office building owner will be funded from Rithm's cash as well as liquidity on the balance sheets, plus possible co-investors.
The government-sponsored enterprise is making changes to mortgage-backed securities and servicing disclosure files to support use of the advanced credit score.
