On the eve of the release of the 2004 Home Mortgage Disclosure Act data, lenders are preparing for an onslaught of inquiries from the press, regulators, federal investigators, and class action attorneys to explain any racial disparities in their pricing of subprime loans.The 2004 HMDA data includes subprime pricing data for the first time, coupled with the race, ethnicity, and sex of the borrowers, along with geographic location. Lenders should have a good understanding of their own HMDA data, but they won't know how they stack up against competitors until federal regulators release their annual summary of the HMDA data, possibly as soon as Sept. 12. "Where you stand relative to other organizations is really going to be the best indicator of what your risk is with respect to enforcement, examination, and litigation," Skadden, Arps attorney Andrew Sandler told a Mortgage Bankers Association compliance conference. The Department of Justice, the Federal Trade Commission, and the Department of Housing and Urban Development, along with the banking regulators, will be analyzing the HMDA data to identity lenders with the worst disparities. "I would suspect that three, five, or seven lenders will have letters from the Justice Department some time in the next several weeks," Mr. Sandler said.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
6h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11