Home Mortgage Disclosure Act Data Spawn Lawsuits By Minorities and Cities

April 7, 2008

Lawsuits claiming that minorities have been the recipients of a disproportionate share of subprime mortgages have been fueled by recent data that mortgage bankers made public.  These cases, which have been brought as class actions by black borrowers, allege that certain banks and other lending institutions have engaged in discriminatory lending practices.  The lawsuits have been followed by actions by two cities with significant black populations, Baltimore and Cleveland, seeking to recover the damages caused by the exploding number of foreclosures.  This trend is likely to continue, as the lending practices of other banks and lending institutions are scrutinized, and other municipalities attempt to recoup the loss of tax revenue and other costs association with the growing number of foreclosures.

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Richard R. Zabel, C.P.A.

Senior Forensic Accountant

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