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Affirmative Mortgage

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 ...

High Court: Interim ruling made regarding repossession order questions for referral to Court of Appeal

All of the assets and liabilities of BOSI including the mortgage and charge the subject matter of these proceedings transferred to Bank of Scotland Plc (“ BOS ”) on the 31st December 2010, and BOSI was then dissolved without going into liquidation.

In December 2013, BOS entered into a purchase deed with Tanager whereby BOS sold a portfolio of securities to Tanager which included Mr Kane’s mortgage.

The transaction closed in April 2014, and Tanager became registered as the owner of the charge previously registered in favour of BOSI.

Mr Kane allegedly fell into arrears on his mortgage repayments resulting in a demand for repayment and ultimately possession of the family home; thereafter a Civil Bill for possession was issued.

Three US Banks Make $20 Billion Community Reinvestment Promise

The negotiations were enabled by the Community Reinvestment Act (CRA), the 1977 law that says banks have a “continuing and affirmative obligation to help meet the credit needs of the local communities in which they are chartered.” While the law does not require banks to enter into agreements with local organizations, the law does give regulators authority to take such agreements into account as part of meeting that obligation, when considering a bank’s application to open a new branch or to acquire or merge with another bank.

The agreements continue momentum from 2016, a landmark year in which the National Community Reinvestment Coalition (NCRC) and its members negotiated $62.6 billion in community reinvestment agreements with banks. NCRC also facilitated all three of the agreements announced in the past month.

Santander Bank, the Boston-based subsidiary of Spain’s Banco Santander, on Oct. 30 announced an $11 billion, five-year commitment including $9.1 billion in lending to underserved communities across its 10-state footprint in the Northeast. That includes $4.2 billion in home mortgages for low- to moderate-income families, $1.9 billion in small business lending, and $3 billion in community development lending. The bank also promised an additional $1.9 billion in community development investments, $55 million in charitable contributions, 10 new branches in low- to moderate-income communities and communities of color, and 60,000 community development volunteer hours.

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.