Wednesday, December 15, 2010
HUD TO BEGIN NATIONAL INVESTIGATION OF MORTGAGE LENDING DISCRIMINATION
HUD will investigate charges that 22 lenders have unfairly denied U.S. government-backed mortgages to qualified applicants. The National Community Reinvestment Coalition (NCRC) filed a Fair Housing complaint with HUD against 22 lenders offering FHA-guaranteed loans. Lenders include Nationstar Mortgage and PHH Mortgage. The NCRC said the lenders were only providing mortgages to borrowers with credit scores higher than the 580 minimum required by the FHA, a move it said disproportionately affects African-Americans and Latinos. Read the December 8, 2010 Reuters article. Read the December 8, 2010 HUD Press Release.