June 29, 2016

Supreme Court to Decide Whether City of Miami Can Sue Big Banks Over Discriminatory Lending

United States Supreme Court

In 2013, the city of Miami, Florida sued Bank of America, Wells Fargo, and CitiGroup for what it termed a continuous pattern of mortgage discrimination. The city alleged the banks steered black and Hispanic applicants into high risk mortgages (higher risk than the mortgages the banks provided to similarly-positioned white applicants) even if the minority…

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June 28, 2016

Supreme Court will consider Miami discriminatory lending suits

United States Supreme Court Building

As reported by Housing Wire, the U.S. Supreme Court has announced that it will hear arguments during its 2017 term on whether the city of Miami can sue Bank of America and Wells Fargo for alleged unfair and discriminatory lending.

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June 3, 2016

Banks’ Embrace of Jumbo Mortgages Means Fewer Loans for Blacks, Hispanics

Jumbo mortgages

As the largest U.S. banks overhaul their loan operations in the wake of the last decade’s financial crises, many are shifting their focus to high-dollar “jumbo” mortgages. But as the Wall Street Journal (subscription) observes in an analysis of current financial regulation, “As they approve relatively more jumbos, major banks are granting fewer mortgages to…

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