Assembly Adopts Housing Plan Limiting It to Owner-Occupied Homes
The New York Assembly approved an amendment proposed by Assemblyman Besse, restricting the bill to owner-occupied homes and limiting rental use. The plan, advanced in Huntington Beach, passed 5-1 before moving to the Ways and Means Committee.
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Anti redline measure weakened by lobby in Sacramento
Sacramento AP reports that the savings and loan lobby weakened a bill to curb redlining in housing loans. The measure sought to address discriminatory lending practices affecting certain neighborhoods. The author notes lobbying pressure shaping the bill’s provisions.
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Investors barred from biased loan refusals, regulators act
Regulators move against lenders denying loans based on property location rather than credit. Mercury Saving Loan Association chairman Leo Shane says the amendment removes a barrier for single family homes. Ally Joe Teresa Hughes argues investors are needed in deteriorating neighborhoods, while critics say the bill fails to protect minority investors unable to claim rediscounted loans.
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Interest rise talk weighs on stocks in New York market
New York AP reports market losses as rising interest rate concerns mount. Dow Jones tumbled to 875.52, down 9.61, amid hopes the Fed will tighten credit, slowing money-supply growth. Auto shares faltered with GM slipping to 65 and Ford near 41 as volume eased.
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