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Yes they can, they just can't use your age or other protected characteristics in the calculation of those odds. The ECOA doesn't say anything about health.
by lazyasciiart 6y ago
Yes they can, they just can't use your age or other protected characteristics in the calculation of those odds. The ECOA doesn't say anything about health.
- kortilla 6y agoLet me be more clear. Banks don’t give a fuck if you have a high chance of dying a couple of years into a mortgage. It’s no different than you walking away from your mortgage, which they already have priced in. Additionally, the underwriter of the mortgage sells off the mortgages to other banks once everything is closed up. If a chance of death had any impact on repayment probability, this resale value would be impacted (where age discrimination doesn’t apply) and that doesn’t happen today.