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Large mortgage lenders may have discriminated against African-Americans by charging African Americans higher fees and interest rates than similarly situated Caucasians.
Investigation Source
- Nationwide
Investigation Scope
Category Information
Investigation Topics
- Unfair and Deceptive Services
- Over Charge
- Excessive or Unauthorized Interest Rates
- Excessive or Unauthorized Fees
- Racial Discrimination
- Preditory Lending
- Unauthorized Or Illegal Fees
- Improper Solicitation
Product or Service
- Home Loan
Injury Type
- Monetary Loss
Investigation Details
Investigation and pending class action lawsuits against Washington Mutual Inc., CitiMortgage Inc., HSBC Finance Corp., GMAC Mortgage Group and JP Morgan Chase & Co alleging that each lender discriminated against African-Americans in the terms and conditions of the home loans given.
Specifically, the class action lawsuits contends that African-Americans were given loans with higher interest rates and other poor terms solely because of their race when they had the same credit, the same income and the same qualifications, but because they were African-Americans.
Specifically, the class action lawsuits contends that African-Americans were given loans with higher interest rates and other poor terms solely because of their race when they had the same credit, the same income and the same qualifications, but because they were African-Americans.
Defendant Details
| Name (Stock Symbol) | Brief Description |
|---|---|
| HSBC Finance Corporation | HSBC Finance Corporation, formerly Household International, Inc. It is a financial services firm with a focus on consumer lending in the US. |
| JPMorgan Chase & Co. (JPM) | JPMorgan Chase & Co., a financial holding company, provides a range of financial services worldwide. It operates in six segments: Investment Bank, Commercial Banking, Treasury & Securities Services, Asset Management, Retail Financial Services, and Card Services. |
| Washington Mutual Bank | Washington Mutual Bank is a bank, now owned by JPMorgan Chase Bank, N.A. |
| CitiMortgage | CitiMortgage sells home loans in the US. It is a subsidiary of Citigroup, Inc. |
| GMAC Mortgage LLC | GMAC Mortgage LLC provides home loans. It is wholly owned by GMAC. |