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1998: Sec. Andrew Cuomo Defends Affirmative Action Mortgage Policy

Andrew Cuomo admits "affirmative action" determined housing policy during his tenure at HUD. New York's new governor defiantly ...

Court Denies Restitution Sought By CFPB In Lawsuit Against ...

In another recent defeat for the CFPB, a California federal district court refused to award restitution sought by the CFPB in its lawsuit filed in May 2015 against two related companies offering a biweekly mortgage payment program and their individual owner.  The CFPB’s complaint alleged that the defendants engaged in abusive and deceptive acts or practices in violation of the CFPA UDAAP prohibition by making false representations regarding the costs of the payment program and the savings consumers could achieve through the program.  (Earlier this month, a Minnesota federal district court dismissed the CFPB’s Regulation E claims in a lawsuit targeting a bank’s overdraft protection program.  Last month, a federal district court in Atlanta sanctioned the CFPB for its conduct in connection with the defendants’ depositions of CFPB witnesses by striking four counts from the CFPB’s complaint, resulting in the dismissal from the case of the defendants who sought the sanctions.

IL Supreme Court: Lawyers can be sued for 'reverse redlining,' but A/G overstretched discrimination case

On Sept. 21, the Illinois state Supreme Court unanimously found a state appeals court and, before them, a Cook County judge, had erred in allowing the office of Illinois Attorney General Lisa Madigan to continue with a lawsuit accusing Chicago lawyer Matthew Wildermuth and real estate broker George Kleanthis of engaging in an illegal practice known as “reverse redlining.”

In court documents, Madigan’s office said Wildermuth and Kleanthis, in the wake of the real estate crash in 2007, had used radio commercials to tout their ability to help clients, who were in trouble with their mortgages, save their homes by modifying their mortgages and reducing their monthly payments.

The pair charged upfront nonrefundable fees of $3,000-$5,000.

However, the attorney general said the pair not only did little to nothing to actually help their clients, and actually targeted their services to minority borrowers who they knew would not qualify for such loan modifications, which amounted to reverse redlining. Under that practice, lenders connect minority borrowers with loans, but at terms more onerous than typically extended to white borrowers with similar financial standing.

anybody recall the details how bill clinton got the affirmative action mortgage laws changed in 1995?

robert greenwald and james h.


In the late 1990's, the then CEO Franklin Raines relaxed lending standards at Fannie Mae to allow subprime borrowers to obtain loans. This was done under the direction of the Clinton Administration. Relaxing of Lending Standards
http://en.wikipedia.

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