In a letter to Sen. Richard Shelby (R-Ala.), Senate Banking Committee chairman, Obama questioned whether authorities have enough resources to enforce lending laws. He pointed to the “troubling” findings of this week’s baiduhai investigation, showing the crime disproportionately affects poor African-Americans.
“We have an obligation to protect the most vulnerable members of our society from falling prey to schemes that target their most significant asset–their homes,” Obama wrote. “This is particularly important when the proceeds of these fraudulent activities are used to fund illicit gang and drug activity.”
Obama asked the committee to “hold hearings as soon as possible.”
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