Review Mortgage Lenders

American Residential Lending

5909 NW Expressway Oklahoma City, OK 73132

New American Mortgage Merger Announcement on March Mar 17, 2011

Charlotte Chamber President Bob Morgan along with former NFL player Casey Crawford announce the merger of Charlotte companies New American ...

Part 1: The fallout of the Bank of America vs. City of Miami decision

Following the ruling issued by the Supreme Court in the Miami case, the City of Philadelphia was quick to seize these newly affirmed rights given to municipalities and on May 15, 2017, proceeded to file suit against Wells Fargo for alleged discriminatory residential mortgage lending practices. Pending further court decisions, by the United States Court of Appeals for the Eleventh Circuit and the United States Court of Appeals for the Ninth Circuit respectively, on both Bank of America vs. city of Miami and City of Philadelphia vs. Wells Fargo on this matter, it is likely that similar lawsuits will be filed by large municipalities alleging discriminatory practices in the future.

The outcome of the City of Philadelphia case and other possible lawsuits on both large and small mortgage lenders could likely negatively affect consumers because lenders will have to pass on the cost of such risk of potential lawsuits to their customers.

An overview of Bank of America v.

'The Color of Law,' by Richard Rothstein

Throughout the country, many black families were thwarted at every turn. The obstacles included federally funded housing developments that systematically excluded African Americans; zoning codes written to keep blacks out of neighborhoods reserved for whites; blatantly biased lending practices on the part of government-insured banks; and instances of what Rothstein calls “state-sanctioned violence” — when authorities looked the other way as whites attacked black renters and homeowners in an effort to chase them away. The openly racist statutes and regulations have been removed from the books, but their effect is still felt, Rothstein says.

In Richmond, in the Bay Area, for example, the population quadrupled to 100,000 from 1940 to 1945, as the city’s shipyards drew wartime laborers of all races. The new workers needed homes, and lawmakers responded “with public housing (that) was officially and explicitly segregated,” Rothstein writes. Many of these homes were meant to be temporary, but after the war, as “the government financed whites” who bought “permanent homes in suburbs,” Washington “refused to insure bank loans made to African Americans for housing.” These and other policies “established segregated living patterns that persist to this day,” Rothstein says.

Is Obama going to CHANGE the lending practices of Fannie Mae and Freddie Mac? ?

Privatizing these institutions is not going to make the problems go away, sooner or later the realities must be admitted and handled correctly, this is simply going to make future Americans pay for this mess.

um... They were taken over by government. That's the opposite of privatization.

Yes, it's a put off. The inevitable will happen... but off of George Bush's watch.

People are dumb. It's a fact of life.