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Special Report on

Discrimination in Consumer Lending

discrimination in consumer lending special research report Photo by www.camposlanuza.com
Howard.Hyde@aporter.com Howard Hyde has a broad range of experience, both transactional and regulatory, in the financial services area. Mr. Hyde also counsels institutions facing capital and other supervisory concerns. He has worked on numerous holding company, bank, thrift and mortgage company mergers and acquisitions, acquisitions of assets and liabilities of failed institutions, as well as many branch purchase and sale transactions. In addition, Mr. Hyde has extensive experience in chartering new institutions and in ...
during the loan origination process. While there are no legal definitions in the United States for predatory lending, an audit report on predatory lending from the office of inspector general of the FDIC broadly defines predatory lending as "imposing unfair and abusive loan terms on borrowers." Though there are laws against many of the specific practices commonly identified as predatory, various federal agencies use the term as a catch-all term for many specific illegal activities in the loan industry. Predatory lending should not to be confused with predatory mortgage servicing which is used to describe the unfair, ...
REVIEWS AND OPINIONS
Perez Calls For Reining in 'Wild Wild West' in Lending – Main Justice
said Wednesday the Justice Department’s Fair Lending unit will be “fundamentally reshaping relationships” with other agencies to combat unfair lending and mortgage fraud. At a panel hosted by the Brookings Institution, Perez spoke on the impact of unfair lending on individuals and communities nationwide, affirmed the department’s commitment to increased regulation, oversight and self-policing in the financial system. “[We will] ensure aggressive and core competencies are in place … across the alphabet soup of federal agencies,” Perez said. “It was the Wild Wild West for all too many years. We too frequently live in a world of ... market research, surveys and trends
Illinois AG files lending discrimination suit against Countrywide ...
Attorney General Lisa Madigan has announced that she has filed a lawsuit against Countrywide, a subsidiary of Bank of America, for unlawfully discriminating against African-American and Latino borrowers in home mortgage sales, in violation of the Illinois Human Rights Act and the Illinois Fairness in Lending Act. The Attorney General filed her complaint in Cook County Circuit Court against Countrywide Financial Corporation; Countrywide Home Loans Inc.; and Full Spectrum Lending Inc., an arm of Countrywide that mostly sold sub-prime loans. Attorney General Madigan’s complaint alleges that the former mortgage giant steered ... market research, surveys and trends

SURVEY RESULTS FOR
DISCRIMINATION IN CONSUMER LENDING

State of Wisconsin FAIR HOUSING PLAN
Discrimination in Consumer Lending.............................................. ......... ..... population of the state will grow to approximately 5.5 million. ..... the total points and fees exceed six percent of the total loan amount, ... industry trends, business articles and survey research
1 Discrimination in the Credit and Housing Markets: Findings and ...
According to ACORN (2000), subprime lending grew 900 percent in the ... Mergers and changing practices in consumer finance have led to ever more ... channeling an increasing amount of funds to subprime lenders (an average of $80 billion ... industry trends, business articles and survey research
RELATED NEWS
EDITORIAL: Quotas by proxy in Dodd-Frank bill
Senators who appear poised today to pass the lumbering, intrusive new financial-institution regulation bill should ask themselves, and be asked by their constituents, if they really want to be on record supporting discrimination imposed by rampaging bureaucrats. Four members of the U.S. Commission on Civil Rights, along with numerous outside observers, have complained that Section 342 of the new Dodd-Frank bill would have just that effect. The provision makes an already bad bill into a repugnant one. It should not be enacted into law. Section 342 requires each of the many federal agencies involved in regulating financial ... market trends, news research and surveys resources
Editorial: Financial reform bill a victory for consumers
U.S. Sen. Scott Brown, R-Mass., last week offered the first bit of evidence that he does, indeed, occupy “the people’s seat” when he joined two other New England Republicans to help pass a sweeping overhaul of financial regulations aimed at preventing the 2008 Wall Street meltdown that has wrecked havoc on the American economy. We also applaud Brown for collaborating with U.S. Sen. John F. Kerry and Springfield-based MassMutual Financial Group to come up with a compromise that addresses the company’s concern that new rules on fiduciary responsibility might negatively impact its agents who are independent ... market trends, news research and surveys resources

INFORMATION RESOURCES

Theory and evidence of the impact of Equal Credit Opportunity: An ...
competition will reduce discrimination in consumer lending. To summarize, neoclassical theoretical models show how a firm's tastes for dis- ... technology research, surveys study and trend statistics
Mortgage Discrimination
Mortgage discrimination is against the law. That’s important to know if you are thinking about applying for a mortgage to buy, refinance, or make improvements to your home. According to the Federal Trade Commission (FTC), the nation’s consumer protection agency, consumers who want to get a mortgage may want to research not only mortgage types and mortgage rates, but also their rights under federal laws in place to protect them from discrimination in the mortgage marketplace. Here’s some information to get started. The Equal Credit Opportunity Act (ECOA) prohibits credit discrimination on the basis of race, ... technology research, surveys study and trend statistics
Racial Discrimination In Hire/Purchase Lending In Apartheid South ...
to finance consumer durables will not hold hire/purchase debt at all times. An econometric model designed to detect discrimination must distinguish between ...
REAL TIME
DISCRIMINATION IN CONSUMER LENDING
QUESTIONS AND ANSWERS
Google Answers: Predatory Lending
Can anyone provide research, statistics regarding predatory lending, lender fraud and malpractice by mortgage lenders and the effects that it has on consumers, the costs involved? chancho-ga, There are a wide variety of reports available on the practices of predatory lending, and the impacts they have across the country. I've compiled links to the most authoritative reports, below. For the most part, they are factual, statistical research documents, though I've included a few "how to avoid predatory lenders" types of reports as well, since these are representative of the types of literature available. I ...
What are some examples of positive discrimination? - Yahoo! Answers
Discrimination in this sense is the behaviour of treating someone differently than another because of a dislike of some of their personal characteristics i.e. race, religion, gender etc. i.e. a boss not hiring someone from another country because he dislikes the colour of the persons skin and harbours racist feelings. Therefore, positive discrimination is treating someone differently, but in a positive way, because of their differences. This is still a form of discrimination and can be illegal - examples may be : the police hiring someone who is from a minority group (asian, african-american etc.) because they are encouraged to ...