Where Is The Outrage! She’s Pregnant And She Will Get A Darn Loan Or You Will Go To Jail For Discrimination!Posted on July 21st, 2010 in All Articles.
If the Fannie Mae guidelines say that a ample letter laying out that the Mom to be will have adequate income upon return to the job, they should be okay. Okay? So that whole issue of Pregnant Moms not getting loans should just go away!
I was outraged when I read the stories yesterday and the reactions.
But a lot of Moms are finding that being pregnant is a reason for a lender to DISCRIMINATE against them and deny them the HOUSE (NEST) to have the baby in.
How nice this is, to see the full extent of the lending industry’s risk averse execution of the hatchet upon families.
They are so worried about having to buy back those loans they originate, that lenders are frozen and digging past where the guidelines even ask them to, that is my read on what is going on.
It causes delays. It creates caution clouds over buyers or “would be” buyers who are now pregnant. I am sorry. I don’t like it.
I don’t like anything to do with pregnancy disqualifying anyone for a home purchase. It’s antithetical.
Hey, I wonder if the right to lifers will come out and jump on the lenders on this one? Let’s start a Right of Moms to buy a home rights campaign! Let’s go.
Would someone get outraged at this please!
Everyone, from the Wall Street Journal, to the NYT is reporting on this like it’s so logical. Oh, of course the lender is in their right to assess their risk because this is a potential gap in the families income and the probability that the Mom might not come back to work is there.. yadda yadda… etc etc.. and are well within their right.
Would someone stand up. Starting a family should be a decision that is supported and conditions made more suitable for. Find a way to back off, lay off and make this issue a NON issue for a Mom who is expecting to buy a house.
How about favoring the family with a reduced ratio for families because they are the fabric of the nation.
Something. Figure it out. You’re the experts.
How about finding a way that the issue is like “don’t ask don’t tell.” Okay, off the short sale subject which this blog is about, I have to just lay into how silly this is.
How can a bank take the fact that you a pregnant and then infer that you are on maternity and might not come back to work and then deny a loan based on that little fiction they inferred?
Read up, say that you are approved for a loan. You accidentally email your Loan officer that you are going on maternity leave the week of closing… OUCH.. that email should not have gone to the BANK.
The bank now knows your pregnant and that you are — oh no — going to take 12 weeks off with your little girl.
How dare you.
No house for you. No home. No nest. Keep renting.
They can’t discriminate because she’s pregnant, but can they relating to any and all issues relating to her pregnancy. She gets her maternity leave. She is expected to come back to the job. Any insinuation otherwise is illegal. Period. Any inference otherwise is illegal. Period.