The Department of Housing and Urban Development is creating a new fair-lending division to handle an increasing number of investigations into discriminatory mortgage lending practices."We have launched a record number of investigations this year," said HUD Assistant Secretary Kim Kendrick. It is understood that HUD is investigating several subprime lenders for pricing disparities based on Home Mortgage Disclosure Act reports. The new fair-lending division will also oversee Fannie Mae and Freddie Mac to ensure that their underwriting policies and practices comply with fair-lending laws.
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