Welcome to The Home Equity Theft Reporter, a blog dedicated to informing the consumer public and the legal profession about Home Equity Theft issues. This blog will consist of information describing the various forms of Home Equity Theft and links to news reports & other informational sources from throughout the country about the victims of Home Equity Theft and what government authorities and others are doing about it.
Saturday, March 19, 2016
HUD, Fair Housing Groups Squeeze Missouri Bank For $2.8 Million In Lending Concessions To Resolve Allegations It Discriminated Against Blacks When Making Home Loans
The U.S. Department of Housing & Urban Development recently announced:
The U.S. Department of Housing and Urban Development (HUD) announced [] an agreement with First Federal Bank of Kansas City to resolve allegations of ‘redlining’ against African American mortgage applicants. Two fair housing organizations claimed the lender’s designated service area effectively excluded African American neighborhoods, limiting residential mortgage lending to persons based upon their race. Read the HUD-mediated agreement.
The groups alleged the bank’s lack of market penetration in African-American communities in the urban core (East Side) of Kansas City, Missouri made residential real estate products less available to people based on race. The groups also alleged that the bank designated its service area, or assessment area, in a way that excluded areas of high African American concentration, which resulted in making residential real estate products less available to persons based on race, a practice commonly known as redlining.
As part of the HUD-mediated conciliation agreement, First Federal Bank of Kansas City agreed to provide $75,000 in discounts or subsidies on home purchase loans on owner-occupied properties in majority African American census tracts in the Kansas City metropolitan area over a three year period. In addition, the bank agreed to originate $2.5 million in mortgage loans in majority African American neighborhoods over a three year period.
The bank also agreed to a series of important fair lending directed financial commitments:
$105,000 to support a loan pool that finances the rehabilitation of vacant, blighted homes in distressed areas of Kansas City;
$50,000 at the rate of at least $15,000 per year for three consecutive years for affirmative marketing and outreach to African American communities in the Kansas City metropolitan area;
$30,000 to support financial education specifically targeting majority African American communities;
$50,000 directly to the named complainants to support their fair lending and community reinvestment work.
CBC News: Betrayal of Trust (A CBC investigation reveals how lawyers across Canada have misappropriated and mishandled clients money, to the tune of tens of millions of dollars, or sometimes even charging vulnerable people top dollar for shoddy services)
Land Contract/Contract For Deed/Rent-To-Own Rackets
The New York Times: The Housing Trap (In the wake of the housing crisis, low-income families have turned to seller financing to buy homes but these deals can be a money trap)
Beware The Fine Print: Consumers Forced To Sign Away Their Rights To Use Court System
The NY Times: Arbitration Everywhere, Stacking the Deck of Justice(Part 1 in series examining how clauses buried in tens of millions of contracts have deprived Americans of one of their most fundamental constitutional rights: their day in court)
Foreclosure Mills' Abysmal Record In Complying With New NYS Foreclosure Requirements
Justice Deceived: How Large Foreclosure Firms Subvert State Regulations Protecting Homeowners
MFY Legal Services Report On Questionable Practices By Process Servers In Debt Collection Cases
Justice Disserved: A Preliminary Analysis of the Exceptionally
Low Appearance Rate by Defendants in Lawsuits Filed in the Civil Court of the City of New York
Mortgage Mess Redux: Robo-Signers Return (A Reuters investigation finds that many banks are still employing the controversial foreclosure practices that sparked a major outcry last year)
CNN Video: As Foreclosures Mount, Florida Court Turns To 'Rocket Docket'
The Wall Street Journal: A Florida Court's 'Rocket Docket' Blasts Through Foreclosure Cases (2 Questions, 15 Seconds, 45 Days to Get Out; 'What's to Talk About?' Says a Judge)
"Produce The Note" Strategy When Dealing With Missing Promissory Notes In Foreclosure Actions
ABC Video: Fighting Against Foreclosure (Some homeowners have found a new tactic to keep the banks at bay)
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