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FHA loans, a federal mortgage program, went to the white majority and reached few minorities. In a study done in Syracuse, between 1996 and 2000, of the 2,169 FHA loans issued only 29 or 1.3 percent went to predominantly minority neighborhoods compared with 1,694 or 78.1 percent that went to white neighborhoods. [ 11 ]
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.
The Emergency Economic Stabilization Act of 2008, also known as the "bank bailout of 2008" or the "Wall Street bailout", was a United States federal law enacted during the Great Recession, which created federal programs to "bail out" failing financial institutions and banks.
According to Schneiderman, of the over 1,100 mortgage applications the bank received between 2009 and 2012, only four were from African Americans. [45] Following this investigation, The Buffalo News reported that more banks could be investigated for the same reasons in the near future. The most notable examples of such DOJ and HUD settlements ...
It collapsed and was sold at a fire-sale price to bank JP Morgan Chase March 16, 2008. [33] [34] [35] American homeowners, consumers, and corporations owed roughly $25 trillion during 2008. American banks retained about $8 trillion of that total directly as traditional mortgage loans. Bondholders and other traditional lenders provided another ...
Let’s say your parents are in their mid-70s, own a large home, and have $720,000 in stocks that they refuse to sell — this, despite the fact that they’re struggling to cover their basic ...
Cash is no longer king. Colorado legally requires businesses to accept cash — but report shows it’s not enforced in the state. Why simply using your card could hurt your wallet
Liberty Bank and Trust 58.5 2 Hume Bank Hume: Missouri March 7, 2008: Security Bank 18.7 3 Bear Stearns: New York City: New York: March 16, 2008: J.P. Morgan Chase: 395,000 4 ANB Financial N.A. Bentonville: Arkansas: May 9, 2008: Pulaski Bank and Trust Company 2,100 5 First Integrity Bank, N.A. Staples: Minnesota: May 30, 2008: First ...