By KIMBERLEY HAAS Conflicts between regulations requiring appraiser independence and recent enforcement actions are the basis of a lawsuit filed in federal district court. Lawyers for Rocket Mortgage are asking for declaratory and injunctive relief after officials at the U.S. Department of Housing and Urban Development charged the company with housing discrimination. HUD claims a…
The Justice Department has filed a lawsuit against Pennsylvania to challenge discriminatory code requirements that make communal living for people with intellectual disabilities and autism difficult. The lawsuit addresses the Commonwealth of Pennsylvania, Pennsylvania Department of Labor and Industry, and Pennsylvania Department of Human Services. Under the state’s Uniform Construction Code, every “community home” for…
Citadel Credit Union is introducing new lending initiatives after settling a redlining allegation from the Department of Justice. The credit union will pay $6.5 million to resolve allegations that it engaged in redlining in predominantly Black and Hispanic neighborhoods around Philadelphia. “This redlining settlement marks the Justice Department’s very first resolution involving a credit union,…
By KIMBERLEY HAAS Three real estate investors each face a maximum penalty of five years in prison after pleading guilty to obtaining multi-million dollar loans to fraudulently acquire properties. Fredrick Schulman, 72, of New York, and Chaim “Eli” Puretz, 29, of New Jersey, pleaded guilty on Thursday to one count of conspiracy to commit wire…
By KIMBERLEY HAAS The president and CEO of the Mortgage Bankers Association said they are pushing for clarity and common sense as he criticized policymakers this week during his remarks at the Secondary and Capital Markets Conference and Expo in New York City. Bob Broeksmit said policymakers plan to pile on more enforcement and red…
By KIMBERLEY HAAS Officials at the U.S. Department of Justice announced on Thursday that they have secured over $31 million from City National Bank to resolve allegations of redlining in Los Angeles County. City National is the largest bank headquartered in Los Angeles and among the 50 largest banks in the country. This is the…
By KIMBERLEY HAAS A real estate developer has been sentenced to four years in prison for his involvement in a mortgage fraud scheme involving at least two dozen loan transactions totaling $6.5 million. The actions of George Kritopoulos, 50, resulted in more than $3.8 million in losses to lenders, according to authorities at the United…
By KIMBERLEY HAAS People who were victimized by what investigators have called the biggest Ponzi scheme in New Hampshire history can apply for compensation. In a news release, officials from the state’s Department of Justice announced that victims of Financial Resources Mortgage, Inc., and CL&M, Inc., can start filing applications to seek compensation from the…
Home Depot will pay $20.75 million under a proposed settlement after its contractors in states across the country allegedly failed to take proper steps to reduce the spread of lead dust and paint chips during renovations, the Environmental Protection Agency and Department of Justice announced Thursday. In addition to the fine, the settlement requires Home…
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