Here in Chicago, there are several restaurants that are “the place” to have afternoon tea. Tomorrow is the 250th anniversary of the Boston Tea Party. (And no, I was not working on a trading desk slinging MBS back then.) In those days, news traveled via word of mouth, rare newspapers, sermons, personal letters, or broadsides. People had time to think about things and contemplate. Nowadays, there are plenty of places from which to glean financial news. Unfortunately, the press is not one for putting good news in the headlines, and Navy Fed finds itself in the crosshairs of CNN breaking news of data on black and white borrower approval rates. Can regulators be far behind on this one? Industry vet Brian B. asks, “How much wealth was not created for minorities because of these actions? How did they treat other groups, i.e., single females, or Hispanics?” Lenders everywhere are interested in passing more costs on to borrowers regardless of race, and if so which costs? Charging for credit reports up front is certainly likely. (Today’s podcast can be found here, and this week’s is sponsored by Richey May, a recognized leader in providing specialized advisory, audit, tax, technology and other services to the mortgage industry for almost four decades. Today’s has an interview with Richey May’s Nathan Lee on profitable versus unprofitable mortgage companies and how to get in the proper growth mindset for 2024.) Lender and Broker Products, Programs, and Services