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Investing in IT Sector Strategic Investment Decisions ✌️【Market Trends】✌️ Professional analysis of stock market dynamics with real-time data for India stocks, US stocks, and European stocks to help you make precise decisions. More than four dozen members of Congress signed on to two letters Thursday expressing concern about the lending practices of the nation’s largest credit union, citing a 【 - Free Smart Money Stock Analysis 】 investigation into racial disparities in the lender’s mortgage approvals.
Ina letterto the Department of Housing and Urban Development and the Consumer Financial Protection Bureau, ten Democratic U.S. senators asked the regulators to investigate Navy Federal Credit Union’s mortgage lending for compliance with federal anti-discrimination laws. The credit union, which has more than 13 million members, lends to military servicemembers, defense personnel, veterans, and their families.
“Navy Federal’s members have made countless sacrifices in their service to our country,” the senators wrote in the letter. “We must do all we can to ensure illegal barriers are not placed on their path to homeownership.”
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In addition, 40 members of the Congressional Black Caucus wrotea separate letterto Navy Federal on Thursday requesting a meeting with the credit union’s CEO and asking for answers and additional data about racial disparities in its mortgage lending.
Investing in IT Sector Strategic Investment Decisions ✌️【Market Trends】✌️ Free real-time stock data analysis to help you capture global market trends and steadily grow your capital. A【 - Free Smart Money Stock Analysis 】 investigationlast month found that Navy Federal approved more than 75% of the White borrowers who applied for a new conventional home purchase mortgage in 2022 while approving less than 50% of Black borrowers who applied for the same type of loan, according to the most recent federal data available.
Investing in IT Sector Strategic Investment Decisions ✌️【Market Trends】✌️ Expert predictions of stock trends with real-time stock indices, metals, energy, and agricultural product data to help you make efficient investment decisions. The nation’s largest credit union rejected more than half its Black conventional mortgage applicants
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Investing in IT Sector Strategic Investment Decisions ✌️【Market Trends】✌️ Professional investment advisors provide real-time market data to help you analyze stock trends and select high-potential stocks, increasing capital growth. The senators cited 【 - Free Smart Money Stock Analysis 】’s reporting in their letter, as well as a separate analysis of Navy Federal’s public mortgage lending data conducted by banking committee staff. That analysis found the credit union denied conventional mortgage applications from Black and Latino applicants at substantially higher rates thanthe national average. The racial disparity was also present for VA loans, the senators said.
“When denial rates for Black and Hispanic applicants at one institution appear to be drastically higher than the national average and higher than their rates for similarly situated white borrowers, it raises questions about whether its mortgage lending practices comply with federal fair housing and fair lending laws and regulations,” the letter reads.
In the other letter from the Congressional Black Caucus members, which also cited 【 - Free Smart Money Stock Analysis 】’s reporting, the signatories requested a meeting with Navy Federal CEO Mary McDuffie before the end of the month “to discuss how such striking disparities occurred and what immediate actions are being taken to remedy harmful policies, practices, and procedures.” The letter was authored by Reps. Emanuel Cleaver and Steven Horsford, the former and current chairs of the caucus, and the signatories also include Rep. Hakeem Jeffries, the House Minority Leader.
“Navy Federal should explain its increasingly widening racial lending gap and how more than half of the Black service members, veterans, and their families who applied for a conventional mortgage in 2022 were rejected and denied homeownership and wealth building opportunities,” the letter states.
In a statement Thursday, a Navy Federal spokesperson said the credit union was already reviewing its mortgage practices, and noted that it provided provided a higher percentage of its loans to Black borrowers than most other large lenders.
“Navy Federal is committed to serving each and every one of our members fairly, and we strive every day to expand economic opportunity and access to credit for our diverse community of members,” the spokesperson said. “Because these issues are core to who we are, we have also already initiated a review to assess our mortgage lending policies and practices.”
Investing in IT Sector Strategic Investment Decisions ✌️【Market Trends】✌️ Free stock selection service with precise predictions of high-potential stocks to help you stay ahead in the market. The credit union has previously argued that 【 - Free Smart Money Stock Analysis 】’s analysis is incomplete because it did not include applicants’ credit scores or information about their available cash deposits or relationship history with the lender – none of which is publicly available in the federal data. The credit union declined to provide 【 - Free Smart Money Stock Analysis 】 any additional data that would make it possible to analyze those factors.
In addition to the two letters, Maxine Waters, the top Democrat on the House Financial Services Committee, has previouslypublicly urgedfederal regulators to examine Navy Federal’s mortgage practices.
Investing in IT Sector Strategic Investment Decisions ✌️【Market Trends】✌️ Expert market predictions with real-time global market, futures, metals, and energy data to help you stay in tune with market trends. A CFPB spokesperson said the agency had received the senators’ letter and is reviewing it. A HUD spokesperson said in a statement that the agency is “deeply concerned about racial disparities in mortgage lending opportunities,” especially because racial gaps in homeownership arelarger todaythan they were decades ago.
Investing in IT Sector Strategic Investment Decisions ✌️【Market Trends】✌️ Free break-even services with professional advisors to help you quickly recover and avoid losses, achieving steady growth. Navy Federal is also facing twoclass-action lawsuitsfrom Black borrowers who were denied loans and are accusing the lender of racial discrimination. Both of the lawsuits cite 【 - Free Smart Money Stock Analysis 】’s reporting.
Lawyers for the plaintiffs – including the civil rights lawyer Ben Crump – moved late last month to combine the two cases, which were filed in a Virginia federal court. Navy Federal has not yet responded to the lawsuits in court.
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