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Tag Archives: HUD

Wells Fargo Settles Over Maternity Discrimination Claims

HUD announced a $5 million settlement with Wells Fargo Home Mortgage to resolve allegations that Wells Fargo discriminated against women who were either pregnant or on maternity leave. Among other accusations, the six complaints allege that Wells Fargo made loans unavailable to families based on familial status and forced women to give up their maternity leave and return to work before their loans closed.

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Illinois Bank Settles Over Alleged Fair Housing Violations

Midland States Bancorp, headquartered in Effingham, Illinois, will originate $8 million in mortgage loans in minority neighborhoods over the next three years to resolve charges that it previously avoided doing business or establishing branches in predominantly black and Hispanic neighborhoods in St. Louis and northern Illinois, according to an announcement from HUD.

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Maryland Woman Convicted in Mortgage Fraud Case

A jury has convicted Maryland woman Annika Boas for her role in a residential mortgage fraud scheme. According to an announcement from U.S. Attorney Rod Rosenstein, Boas stood accused of working with other defendants to falsify or steal identity documents to secure residential mortgage loans.

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Ginnie Mae Announces Initiatives to Address Mortgage Challenges

Representatives from HUD and Ginnie Mae convened at the second annual Ginnie Mae Summit Monday to discuss initiatives and programs designed to create a healthy housing market. The company's plans indicate it is changing its policies and procedures as part of an ongoing effort to adapt to changes in the housing industry, preserve the integrity of its mortgage-backed securities (MBS) program, reduce risk, and better manage resources.

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U.S. Bank Settles over Alleged Lending Discrimination

U.S. Bank has reached a settlement with a housing regulator over allegations the bank discriminated against a Native American couple in denying them a refinance. Under the settlement's terms, U.S. Bank agreed to pay the couple's U.S. Bank credit card balance, amounting to nearly $11,500. The bank also agreed to approve their refinance application at the same interest rate and terms under which they originally applied in May 2013.

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FHA Unveils Rules on Post Payment Charges, ARM Adjustments

The Federal Housing Administration announced revisions to rules surrounding post-payment interest charges and adjustable rate notifications. "Together, these new rules are responsive to the regulations implementing the Truth-in-Lending Act (Regulation Z) as revised last year by the CFPB," the agency said in a release.

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Housing Starts Jump in July; Permits Lag

According to figures released Tuesday by HUD and the Commerce Department, privately owned housing starts last month were at a seasonally adjusted annual rate of 1.09 million, a 15.7 percent spike from June's upwardly revised rate of 945,000 and a 21.7 percent gain over the same month last year. While most of last month's improvement came from a surge in multifamily building, single-family starts posted a solid gain, rising 8.3 percent to 656,000.

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FHA Commissioner to Step Down

Less than two years after being confirmed as the head of the Federal Housing Administration (FHA), Commissioner Carol Galante is making plans to step down from her post.

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Fifth Third to Pay $1.52M in Discrimination Settlement

Fifth Third Bancorp has reached a settlement agreement with the Justice Department in which it will pay more than $1.5 million over allegations of loan discrimination against applicants with disability status. "Today's announcement holds lending institutions accountable for their actions, and is a reminder that every American has the right to apply for a home loan and live in the community of their choice," said Gustavo Velasquez at HUD.

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Senate Confirms Castro as HUD Chief

Less than two months after the San Antonio mayor's nomination for the post, the Senate voted Wednesday to confirm Julian Castro as HUD secretary as current cabinet member Shaun Donovan is poised to take over the Office of Management and Budget (OMB). The body voted 71-26 to confirm Castro, a Democrat whose star has been on the rise since he delivered the opening keynote at the 2012 Democratic National Convention.

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