Obama administration adopts get-tough stance on mortgage bias
A new Obama administration get-tough policy on home mortgage discrimination is drawing kudos from consumer advocates, along with expressions of serious concern from lawyers who represent lenders and brokers.
In a settlement last month with two subsidiaries of ailing insurance giant American International Group Inc., the Justice Department took aim at one of the most controversial practices of the housing boom years: National subprime mortgage lenders originated billions of dollars in high-interest-rate loans through local brokers who sometimes hit African American and other minority applicants with excessive loan charges.
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Tags: Mortgage