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The U.S. Department of Justice announced a $31 million settlement with City National Bank over allegations that the Los Angeles-based bank engaged in "redlining" – a pattern of lending ...
Redlining is a discriminatory practice in which financial ... targeted The Federal Home Loan Bank ... City National Bank of California agreed to pay $31,000,000 ...
Loan officers were clearly aware that they were exploiting their customers, in some cases referring to blacks as "mud people" and to subprime lending as "ghetto loans". [16] [22] [23] A lower savings rate and a distrust of banks stemming from a legacy of redlining may help explain why there are fewer branches in minority neighborhoods. In ...
NEW YORK (AP) — The three major U.S. banking regulators said Thursday they a plan to rewrite much of the The post Anti-discriminatory bank law getting update to address harm of redlining ...
Ameris Bank will invest $7.5 million in a loan subsidy fund made available to people in majority-minority neighborhoods under the settlement and spend a total of $1.5 million on outreach and ...
The Community Reinvestment Act (CRA, P.L. 95-128, 91 Stat. 1147, title VIII of the Housing and Community Development Act of 1977, 12 U.S.C. § 2901 et seq.) is a United States federal law designed to encourage commercial banks and savings associations to help meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods.
Attorney General Merrick Garland came to Jacksonville Thursday to announce a proposed $9 million settlement to benefit Black and Hispanic communities.
The companies then sold that property to blacks who were desperate to escape inner-city ghettos at higher-than-market prices. Owing to redlining, African-Americans usually did not qualify for mortgages from banks and savings and loan associations. Instead, they resorted to land installment contracts at above market rates to buy a house. Land ...