Go On & Cry In Your Coffee But Don't Come Bitchin' To Me

The Equal Credit Opportunity Act (ECOA) of 1974, which is implemented by the Board’s Regulation B, applies to all creditors. The statute requires financial institutions and other firms engaged in the extension of credit to ‘‘make credit equally available to all creditworthy customers without regard to sex or marital status.’’ Moreover, the statute makes it unlawful for ‘‘any creditor to discriminate against any applicant with respect to any aspect of a credit transaction (1) on the basis of race, color, religion, national origin, sex or marital status, or age (provided the applicant has the capacity to contract); (2) because all or part of the applicant’s income derives from any public assistance program; or (3) because the applicant has in good faith exercised any right under the Consumer Credit Protection Act.’’ In keeping with the broad reach of the prohibition, the regulation covers creditor activities before, during, and after the extension of credit

Homeowners more than 50 years old are falling into foreclosure faster than any other age group, particularly widows whose husbands were the mortgage holders, said the New York Times.

Foreclosures among homeowners over 50 increased by 23% over the past five years, resulting in 1.5 million foreclosures. - Housing Wire