Lender revises appraisal policies and practices in wake of lawsuit by Baltimore couple who claimed their home was undervalued by more than $250,000 because they were Black. Continue reading
FNB’s 2017 acquisition of Yadkin Bank for $1.8 billion expanded its footprint into North Carolina, where the DOJ alleges it avoided providing mortgages to majority-Black and Hispanic communities. Continue reading
Government alleges competitors in Patriot’s peer group made home loans in minority areas of Memphis at almost three times the rate of Patriot from 2015 to at least 2020. Continue reading
Lawmakers are demanding a federal investigation in the wake of a CNN analysis that concluded the nation’s largest credit union denied more than 50 percent of Black mortgage applicants in 2022. Continue reading
The public is invited to join leaders from the American Bankers Association and mortgage giants Fannie Mae and Freddie Mac for a hearing on tackling appraisal bias. Continue reading
In announcing the $9 million settlement with the Florida lender, Attorney General Merrick Garland said DOJ “currently has over two dozen active investigations into redlining, spanning neighborhoods across the country.” Continue reading
With Fannie and Freddie leading the charge, a growing number of lenders are using special purpose credit programs to boost homeownership in underserved communities. Continue reading
Experts participating in BAD INPUT argue technology could expand access to credit, but also perpetuate discriminatory lending unless it is closely overseen. Continue reading
Regulators alleged statements made by hosts of Townstone Financial’s call-in show discouraged “prospective” African-American applicants from seeking mortgage loans. Continue reading
The biggest redlining settlement in DOJ history is the fifth enforcement action since the launch of the initiative to combat redlining in 2021, with $75 million in relief to date. City National denied that it engaged in redlining. Continue reading