U.S. penalizes lenders over maternity-related mortgage discrimination
Both HUD and the Department of Justice continue to crack down on a type of housing discrimination in lending that doesn’t usually make headlines: maternity-related discrimination.
This coverage is from the LA Times.
Both the Justice Department and the Department of Housing and Urban Development have settled with — and levied monetary penalties against — a variety of lenders and insurers on maternity discrimination grounds during the last several years. The list includes Bank of America, PNC Mortgage, Cornerstone Mortgage and MGIC, the giant mortgage insurer. The MGIC settlement, involving 70 women, led to the creation of a $511,250 compensation fund for the alleged discrimination victims and a $38,750 civil penalty.
The latest settlement came June 25, when HUD outlined a "conciliation agreement" it reached with Mountain America Credit Union, a $3.6-billion-asset credit union in Utah and the 35th largest in the country. Mountain America, as did the previously mentioned companies, denied any wrongdoing as part of the settlement.