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Fair Lending Enforcement: Avoiding Legal Problems
IMF Publications, June 2010
Did you miss the Fair Lending Webinar? Get the audio conference proceedings today
A new Department of Justice strategy is making fair lending enforcement a top priority this year. Already seven national mortgage lenders have been targeted for alleged fair lending violations. And the DOJ is indicating mortgage servicers may be next on the discrimination hit list when it comes to handing out loan modifications and other forms of foreclosure relief.
Learn what the aggressive crackdown on perceived mortgage lending and servicing abuses will mean for the mortgage industry. Hear from top federal and state regulators regarding what they consider discrimination and find out how to avoid running afoul of the new fair lending police.
Recently, the DOJ won a $6.1 million settlement with subsidiaries of AIG by holding the lender responsible for wholesale mortgage pricing that the agency held discriminated against borrowers. Now the agency is expanding its crackdown to include potentially fraudulent lending in minority communities, redlining and reverse redlining.
Prosecutors are expected to arm themselves with the latest Home Mortgage Disclosure Act information as well as available loan modification data disaggregated by borrower, race and ethnicity in pursuing potential fair lending violations. Find out what you need to know about the latest push for fair lending enforcement.
These experts shared their insights and answered questions:
- Eric Halperin, Special Counsel for Fair Lending, Department of Justice
- Paul Hancock, Partner, K&L Gates, Former Acting Deputy Assistant AG for Civil Rights, DOJ
- Tom Miller, Attorney General, State of Iowa
- Lisa Rice,Vice President, National Fair Housing Alliance
- Guy Cecala, Publisher, Inside Mortgage Finance will moderate.
This 90-minute Session Covered:
- Can a lawsuit be brought if a discriminatory act occurred only once?
- What is the agenda of the administration’s financial task force?
- What are the fair lending concerns related to REOs?
- What constitutes a “pattern or practice” in the fair lending arena?
- What kind of violations are agencies looking for in loan modification files?
- What are the specific discriminatory lending practices?
- Where are the referrals for investigation coming from?
- What are the state regulators looking at now?
- What can lenders do to be sure their brokers stay in compliance?
- What are the legal differences between lending discrimination and consumer protection?
- How are the state agencies working with the federal task force?
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