• The "Spitzer Effect" On Administrative Fair Lending Enforcement
  • June 15, 2005 | Author: Mark S. Melodia
  • Law Firms: Reed Smith LLP - Los Angeles Office ; Reed Smith LLP - Princeton Office ; Reed Smith LLP - Pittsburgh Office
  • Recent press releases by consumer advocates and state officials have indicated that these groups believe that the 2004 HMDA data will support claims of fair lending violations by mortgage lenders and other entities. Among other things, many consumer advocates and governmental entities have pointed out that data voluntarily released by mortgage lenders includes several troublesome elements, including evidence of a higher "incidence" of certain minorities receiving "reportable loans," as well as evidence that minorities receiving reportable loans may be disadvantaged in the APR received as compared to similarly situated non-minority individuals.