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Illinois’ suit accuses mortgage firm of anti-minority bias

The State of Illinois sued former mortgage giant Countrywide Financial Corporation today for allegedly using discriminatory lending practices on minority borrowers. The lawsuit, filed in Cook County Circuit Court by Illinois Attorney General Lisa Madigan, said an investigation revealed that African-American and Latino borrowers were much more likely to be given risky subprime loans by the lender …

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Illinois’ suit accuses mortgage firm of anti-minority bias

borrowers-were

Senate votes to ban certain bonuses for mortgage brokers, loan officers

The legislation prohibits payments for signing borrowers to higher interest rates and more onerous terms than those for which the borrowers were qualified. The U.S. Senate voted Wednesday to ban certain bonus payments to mortgage brokers and loan officers, cutting off what experts have called one of the key causes of the nation’s mortgage meltdown.

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Senate votes to ban certain bonuses for mortgage brokers, loan officers