In addressing predatory lending, Rep. Maxine Waters, D-Calif., says she also wants to make sure that blacks and Hispanics have access to prime mortgages and are not forced into higher-priced subprime loans."I am very much focused on the fact that we continue to get substantial documentation that people of color pay more for loans," the new housing subcommittee chairwoman told the National Association of Affordable Housing Lenders. "We cannot have African-Americans and Latinos, who earn the same amount of money as a Caucasian, pay their bills equally as well, but they are only offered subprime loans and pay more for their mortgages. That has got to stop." Rep. Waters said the new leaders of the House Financial Services Committee recognize the seriousness of this kind of discrimination. "We are going to fix it," she said.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
10h ago -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
10h ago -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
10h ago -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
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Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25