Ben Bernanke Weighs in on Housing Discrimination Yesterday Federal Reserve Board Chairman Ben Bernanke gave a speech at the Operation HOPE Global Financial Dignity Summit in Atlanta. Bernanke’s remarks were among the most forceful comments about housing discrimination and fair lending that I can remember a Fed chairman making in my more than 20 years […]
Luther Burbank Savings Minimum Loan Amount Settlement On September 12th the Department of Justice announced a settlement with Luther Burbank Savings regarding the setting of minimum loan amounts for home mortgages. Facts · The case originated as an OTS referral to DOJ. · DOJ alleged that through mid-2011 Luther had a minimum loan amount policy […]
On August 28th the Department of Justice announced the GFI Mortgage settlement that resulted in a restitution fund, a civil money penalty (CMP) and significant administrative requirements. Facts · The case originated as a HUD referral to DOJ, not a referral from a regulator such as the OCC, FDIC, Federal Reserve or CFPB. · DOJ […]