CFPB to appeal its loss on redlining lawsuit against TownstoneÂ
The CFPB will appeal a redlining lawsuit it lost against the nonbank retail lender Townstone Financial Inc. and its founder Barry Sturner.
The CFPB will appeal a redlining lawsuit it lost against the nonbank retail lender Townstone Financial Inc. and its founder Barry Sturner.
The home valuation increased substantially when a white friend posed as the homeowner. The suit was settled for an undisclosed amount.
Black homeowners recorded the highest growth rate in residential property equity compared with other groups since the start of the pandemic, accelerating a trend in place since 2014, Zillow said. That helped to narrow the difference between the overall equity for all U.S. homes and those for Black-owned properties to the narrowest point since the … [Read more…]
Homes owned by Black families have appreciated more than any others since the onset of the COVID-19 pandemic, according to Zillow.
Follow the Line: Redlining’s effects are still felt today in New Orleans WWLTV.com
Black homeownership rates in each of the nation’s 50 largest metro areas has been smaller than population share in those regions, a LendingTree study recently found. The disparity was greater in those cities with a larger Black population, which is likely a residual effect of the institutionalized racism which existed for many years, including the … [Read more…]
City National Bank Settles Racial Bias Complaint In L.A. County … BET
The Office of the Comptroller of the Currency informed banks, which it oversees, that changes have been made to Home Mortgage Disclosure Act reporting requirements. Going forward, the loan volume reporting threshold is set at 25 closed-end mortgage loans originated in each of the two preceding calendar years, according to a bulletin published on the … [Read more…]
Correction: An earlier version of this story mistakenly credited multiple quotes from a motion by Townstone’s lawyers to U.S. District Judge Franklin U. Valderrama. American Banker regrets those errors, which have been corrected. A federal judge has dismissed a redlining lawsuit filed by the Consumer Financial Protection Bureau against a Chicago mortgage lender, rejecting the … [Read more…]
In July 2020, the CFPB filed a lawsuit accusing Townstone of discouraging prospective African American borrowers in the Chicago metropolitan area from applying for mortgages.