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Feds Target B&C Firms.(discriminatory mortgages)(Brief Article)
Fair lending attorneys at the U.S. Department of Justice may be eyeing subprime lenders that have high foreclosure rates in minority neighborhoods.
High concentrations of subprime lending in minority neighborhoods "causes us to focus more closely on what kinds of loans are disproportionately being made available in those communities," Justice Department attorney John Seward told a Mortgage Bankers Association conference on subprime lending.
Another factor is that foreclosures in minority neighborhoods have been increasing at a disproportionate rate, the Justice Department deputy chief of the housing and civil enforcement section said.
"These trends raise concerns as to whether lenders are targeting such neighborhoods for abusive products, which are designed to lead to foreclosure."
After addressing ...
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