Is housing fair?
Requirements
of the Fair Housing Act
Fair housing has been an important law since 1968 when
the Fair Housing Act (FHA) was enacted as
a part of the Civil Rights Act. The act prohibits
discrimination based upon race, color,
religion, sex and national origin. A 1988 amendment
to the act added familial status and handicapped as protected
statuses.
The Act prohibits discrimination for
housing related loan activities based upon the seven factors
listed above. All financial institutions are covered by
the prohibitions against discrimination in housing related
loans and all financial institutions are also covered by the
advertising requirements promulgated in the Act and the
amendment. Click here for the entire
article.
Ask Fred!
Question: Can you provide a
description of RESPA that we real estate agents could possibly
use to explain it to our clients?
Answer: RESPA, or the Real Estate
Settlement Procedures Act is also commonly known as Regulation
X and it was adopted in 1974. Reg. X was created to
provide customers with timely and accurate disclosures
regarding the costs associated with real estate transactions
and also to prohibit abusive practices such as kickbacks,
referral fees and excessive escrow balances.
Click here for the entire
article
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