Kubayi aims to unmask banks’ home loan practices
Government seeks to change race-based applications by financial institutions
In a proposal that is set to ripple far beyond the boardrooms of the SA banking industry, the government plans to introduce changes to its housing finance laws to compel financial institutions to disclose critical information about their lending practices.
The proposed amendments to the Home Loan and Mortgage Disclosure Act aims to lift the veil on lending practices by requiring banks and other lenders to reveal data on home loans granted and declined. The additional information, which would be submitted to the office of disclosure, which is housed in the human settlements department, includes the number of home loans approved, as well as details on home loan applications that were denied, including the reasons for the rejections. ..
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