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- Joined: Mon Oct 06, 2008 2:50 pm
- Location: ..right behind you!
Why? I mean honestly... we don't have a constitutional right to borrow money from anybody. If I want to loan a perfect stranger money then I can set any model for assessing risk that I want as long as I operate within the ECOA and FCRA and a few other lending laws. Nowhere in those laws does it say that you can't restrict credit based on spending paterns that indicate high risk borrowers. In fact it is quite the opposite. The USA PATRIOT Act is another great piece of legislation that has forced banks to be more particular about who they lend to. If anything I'd say the law is on the side of lenders in this particular case. It is unfortunate, but it is also the world we live in.