Operation Malicious Mortgage & Related

[TJ_98370]

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RCC, you are correct. Gregoire and company are going after Countrywide. I posted the following in the "News" section of The Tim's blog. You would think it was an election year or something?



State regulators are seeking to revoke the license of Countrywide Financial and fine the nation's largest mortgage lender $1 million after its investigation showed it engaged in alleged predatory practices.

"The allegation offers evidence that Countrywide engaged in a pattern to target minority groups and engage in predatory practices," Gov. Chris Gregoire said at a news conference Wednesday, on the same day that Illinois and California sued Countrywide over unfair lending practices.....
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[Robroy]

[rose-colored-coolaid]

Sorry Robroy, but you missed the point. The point isn't that some minorities received worst rates, or even that the average minority received a worst rate. The violation, if true, is that minority candidates systematically received worst rates all other things being equal.

So, a black noncomforming subprime paying a higher rate than a white conforming prime is not news. But a black with a 723 FICO and gross income of $48k a year with 5% down paying a higher rate than a white with 720 FICO, gross income of $49k a year and 3% down is suspicious. If it is proven that Country Wide systematically gouged minority customers, then punitive action should be taken.

None of this has anything to do with men committing more violent crime than women.

[Robroy]

[rose-colored-coolaid]

[Robroy]

[Robroy]