Jan 06, 2009By Paul Jackson
An investigation by New York Attorney General Andrew Cuomo into alleged predatory lending practices at GreenPoint Mortgage Funding, Inc. has led the crusading AG to take the state’s first law enforcement action against mortgage brokers for predatory and discriminatory lending practices. The two brokers in question — HCI Mortgage and Consumer One Mortgage — admitted they charged higher fees to 455 black and Latino borrowers relative to their white counterparts, and agreed to pay $665,000 collectively in restitution to affected borrowers.
