Who: National Community Reinvestment Coalition
What: The coalition plans to protest banks requiring borrowers to have a FICO score of at least 620 to qualify for a mortgage backed by the Federal Housing Authority. The coalition claims the requirement is racist.
Why it’s dim: The median FICO score in America is 723. Insisting borrowers have a respectable credit history isn’t racist. In fact, giving huge loans to people with poor credit is why taxpayers have spent more than $100 billion bailing out Fannie Mae.
Cure: Everyone who works for the National Community Reinvestment Coalition should be forced to earn a living selling real estate in Las Vegas, Phoenix and Florida.
