Racing to a New Housing Crisis

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Remember when Barney Frank insisted in 2003 that “Fannie Mae and Freddie Mac are not in a crisis,” and “I want to roll the dice a little bit more in this situation toward subsidized housing?”

As chairman of the powerful House Financial Services Committee, former Rep. Frank, Massachusetts Democrat, helped defeat Bush administration proposals to rein in the two federal loan giants. The housing market crashed in 2008 on thousands of bad subprime home loans, triggering the Great Recession, from which this nation still has not recovered.

Well, it’s time to roll the dice again. According to the 5-4 majority opinion at the U.S. Supreme Court on Thursday, housing lawsuits based on race no longer need proof of intentional discrimination.

In other words, even defendants with no racist intent can be sued for racist outcomes if a plaintiff can prove “disparate impact.” That’s when a race-neutral policy results in negative outcomes for an identifiable minority.
Read more at BarbWire

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