oa Codicillus - The right to access adequate housing, fair lending and the role of financial institutions
|Article Title||The right to access adequate housing, fair lending and the role of financial institutions|
|© Publisher:||UNISA Press|
|Publication Date||Jan 2005|
|Pages||24 - 44|
Traditionally, financial institutions' primary responsibility was to maintain safe and sound business principles. The paradigm appears to be changing to include social responsibilities such as providing mortgage credit to previously excluded areas and people. This article analyses the constitutional basis of the legislation on fair lending and also looks at the prospects for successful enforcement. The fair lending legislation comprises the Home Loan and Mortgage Disclosure Act and the Community Reinvestment Bill. The Home Loan and Mortgage Disclosure Act seeks to regulate financial institutions to disclose their lending patterns. While the Community Reinvestment Bill seeks to regulate financial institutions to ensure that they treat like customers alike and make credit available using a neutral yardstick, and not according to race, gender, sex, and so on. The Community Reinvestment Bill also goes beyond equal treatment requiring financial institutions to lend to low and medium income earners. End
Kudala isibopho esiphambili sezinhlangano zezezimali kwakungukugcina imigomo ephephile nephelele yezebhizinisi. Sekubonakala sengathi le ndlela yokwenza izinto isiyaguquka, isifaka nezibopho ngokwezokuhlalisana kwabantu njengokunikeza abantu nezindawo ezazibekelwe eceleni, isikweletu sokuthenga ngokubambisa ngempahla ethile. Lo mbhalo ucubungula isisekelo sangokomthethosisekelo somthetho wokweboleka ngedlela elungile futhi ubuye ubheke namathuba okwenziwa kwaso ngempumelelo. Umthetho wokweboleka ngendlela elungile uqukethe iHome Loan and Mortgage Disclosure Act kanye neCommunity Reinvestment Bill (Community Reinvestment Bill). I-Home Loan and Mortgage Disclosure Act ihlose ukuhambisa ngokomthetho ukuthi izinhlangano zezezimali ziveze amaphethini azo okwebolekisa. I-Community Reinvestment Bill yona ihlose ukuphatha ngokomthetho izinhlangano zezezimali ukuqinisekisa ukuthi ziphatha amakhasimende ngokufana futhi zenze ukuthi akwazi ukuthola isikweletu ngokusebenzisa isilinganiso esingabheki ubuhlanga, ubulili, njll. I-Community Reinvestment Bill ibuye ikubheke ukuthi ukuphathwa ngokulinganayo akwenele, bese iqhubeka ngokulindela ukuthi izinhlangano zezezimali zebolekise nakulabo abahola kancane. End
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