Magazine article Mortgage Banking

Justice Department to Increase Focus on Discrimination in Loan Mods

Magazine article Mortgage Banking

Justice Department to Increase Focus on Discrimination in Loan Mods

Article excerpt

The Department of Justice's (DOJ's) lead player in enforcing anti-discrimination laws announced in a speech that his division was launching an aggressive push to investigate and prosecute discriminatory mortgage lending and servicing practices. In a Jan. 14 speech before the RainbowPUSH Coalition's Annual Wall Street Conference, Assistant Attorney General for the Civil Rights Division Thomas E. Perez said the department was creating a Fair Lending Unit within the Civil Rights Division's Housing and Civil Enforcement Section to go after potential wrongdoers.

An account of the speech authored by Paul F. Hancock, Melanie Brody and David McDonough Jr. of K&L Gates law firm noted that Perez indicated that his office would focus special attention on mortgage servicing. The article titled "Opening the Fair Lending Enforcement Floodgates?" states, "The Department said it will soon review loan-modification data compiled by the Treasury Department under the Obama administration's Home Affordable Modification Program. This review will apparently include analyzing whether minority borrowers receive less-favorable terms or conditions than comparable non-minority borrowers in their quest for a loan modification. …

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