Opinion | Affordable housing shouldn’t be shouldered by those with good credit WashTimesOpEd
, will, “when determining whether to purchase a residential mortgage … consider a borrower’s credit score only if certain procedural requirements are met with respect to the validation and approval of credit-scoring models.”
Lenders worry that abandoning the classic FICO scoring system for giving out mortgages in favor of an array of other measures will muddle things, creating friction in the relationship between lender and borrower and, not surprisingly, make things worse for people with thin or bad credit. Social justice advocates argue on the other side that credit scores don’t fairly represent a person’s ability to keep their promise to pay.
Neither of these outcomes benefits borrowers who are facing an uphill climb for their first mortgage. In the first case, the supply of money will fall , resulting in higher rates with loans granted. In the second case, backing loans to families that can’t support them will result in foreclosures that make the underlying problem of credit worse.
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