The summary of this bill is misleading. In fact, the bill only applies to rental transactions, *not* credit transactions in general. In fact, mortgage transactions are specifically excluded from the bill.
The idea of the bill is that landlords shouldn't be able discriminate against a tenant because they get money from disability, social security, section 8, or any other lawful source. Landlords would of course still be able to screen tenants for credit, background, income qualification, etc. They'd just have to treat all legal income as equivalent. Nothing to do with lending or mortgages at all.
And yes, discrimination on this basis is a real problem. Discrimination against Section 8 voucher-holders, for example, is shockingly common. Just search craigslist for "no section 8" for a small sampling.
2) Re: 2009 Senate Bill 5672 (Prohibiting discrimination based on source of income) by SIDNY on February 28, 2009
Politicians managing loan companies is what caused the ongoing financial meltdown. I advise checking your 401K before voting on this one.
3) Re: 2009 Senate Bill 5672 (Prohibiting discrimination based on source of income) by principles on January 30, 2009
So, do I understand this correctly, that, if this legislation passes, I can use my unemployment compensation to help qualify me for a mortgage? This sounds strangely familiar, with an aura of an unpleasant outcome.
View pre-2013 Comments.