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Major bank sued over biased lending practices

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Mortgage Professional America | 01 Dec 2014, 09:09 AM Agree 0
The complaint says the lender has discriminated against minority and female borrowers for more than a decade with the aim of recording higher earnings. The lawsuit is the latest in accusing a big bank of discriminatory lending that harmed a major city.
  • Gordon Schlicke | | 01 Dec 2014, 02:37 PM Agree 0
    In a federal case, if a county can claim "standing" (an aggrieved party) what is to stop cities and states from targeting lenders on the same basis: mortgage statistics alone? This is a result of the disparate impact issue that this Administration has championed since Eric Holder took office. The issue hasn't gone high enough in the court system to settle once and for all but what a slap in the face to all those who provide mortgage funds to citizens of this county. If there was no intent to discriminate there should be no penalty. I thought exploitation of this sort was against the law . . . not now, brother.
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