More teeth for Credit CARD Act
by Broderick Perkins
© 2010 DeadlineNews.Com
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Deadline Newsroom - Just as realty professionals descended on the nation's capital to heighten awareness about the housing crisis' disparate impact on minority communities, their cause was underscored by the Justice Department's largest ever settlement to compensate victims of lending discrimination.
The 2010 Multicultural Real Estate & Policy Conference "The Color of the Housing Recovery," convened in Washington, D.C. March 4-5 to introduce "Five-Point Plan: Creating A Sustainable Path to Minority Homeownership," an appeal to lawmakers to take actions that stabilize the market, expand consumer protections, preserve liquidity and especially stop the spiral of losses in minority communities.
The day members of the National Association of Hispanic Real Estate Professionals (NAHREP); the Asian Real Estate Association of America (AREAA); and the African American-led National Association of Real Estate Brokers (NAREB) arrived in Washington, a landmark federal court settlement in New York City was setting the tone for the conference.
Typical in such settlements, without acknowledging any wrongdoing, the now defunct AIG Federal Savings Bank and Wilmington Finance, Inc. settled with the U.S. Justice Department to pay $6.1 million to resolve allegations the wholesale lenders illegally allowed wholesale mortgage brokers to charge higher direct broker fees to 2,500 black borrowers.
Get the full story here: Minority Realtors converge on Capital as AIG settles $6.1 million discrimination suit
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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.
Perkins is also the first Examiner to cover three beats for the Examiner.com news service:
• National Offbeat News Examiner
• National Consumer News Examiner
• National Real Estate Examiner
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