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Thursday, September 20, 2012

Damned if you do ...

... damned if you don't:

In a complaint filed Wednesday and settled the same day, Justice claimed that California-based Luther Burbank Savings violated the 1968 Fair Housing Act and 1974 Equal Credit Opportunity Act by setting a policy that had a "disparate impact" on minorities. Between 2006 and mid-2011, 5.2% of Luther's single-family residential mortgage loans went to African-Americans ...

What the DOJ means by "disparate impact" is that the bank set standards that would ensure repayment of loans, and blacks couldn't meet them. h/t Radley


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