"The Department of Justice only sought less than $2,000 per household in the largest residential fair lending settlement in history to resolve allegations that Countrywide Financial Corporation and its subsidiaries engaged in a widespread pattern or practice of discrimination against qualified African-American and Hispanic borrowers in their mortgage lending from 2004 through 2008. The settlement provides $335 million in compensation for victims of Countrywide’s discrimination during a period when Countrywide originated millions of residential mortgage loans as one of the nation’s largest single-family mortgage lenders. The settlement would provide an average of $1,675 if each eligible borrower received compensation. According to the Joint Center for Political Studies, 'In 2006, more than one-half (52.9 percent) of African Americans and nearly half of Hispanics (47.3 percent) who acquired home-purchase loans had subprime loans.'" For more information, see: http://www...
ImpactInvesting.Online explores the intersection of economics, finance, equity, and accountability. Featuring expert commentary, original data, and real-time analysis, the blog covers ESG, impact investing, and socially responsible finance with a focus on how markets can serve the public good. Updated regularly with insights on policy, corporate behavior, and systemic risk.