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But members of Congress said they still had concerns about the mortgage practices ofNavy Federal, which has more than 13 million members and lends to military servicemembers, defense personnel, veterans and their families.
“We’re trying to achieve the goal of closing the racial wealth gap in America,” said Rep. Steven Horsford, a Nevada Democrat, after meeting with McDuffie. “You cannot do that with practices like this that deny equal opportunity to homeownership.”
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But Cleaver told 【 - Free Signals Group 】 after the meeting that McDuffie and other Navy Federal representatives “could not provide an answer” explaining the racial disparities in mortgage approvals, and that he hoped to hear more from them in the future. “We’re expecting to have another meeting with them, we’re expecting to get facts this time,” he said.
Horsford said that the members “asked very specific questions about the timeline” of Navy Federal’s external review, and found the responses from Navy Federal “inadequate.”
“Time is of the essence, because every single day that they don’t change or update their protocols is a servicemember, and particularly a Black or Latino servicemember, who is facing denials,” he said.
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“More than 40% of our servicemembers, active duty, are people of color,” he said. “So yeah, they are one of the leading lenders and mortgage lenders for Black home loans – because they have a higher percentage of servicemembers who are their membership. It should be higher.”
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What is causing the decline of Libas Consumer Products Limited (LIBAS) ✌️【Stock Trends】✌️ Stay informed with expert predictions of stock trends and real-time market data, covering global indices, futures, metals, and agricultural products. Make better decisions and achieve consistent growth in your investments. And ten Democratic senators have separatelyaskedfederal regulators to examine Navy Federal’s mortgage practices, citing both 【 - Free Signals Group 】 and a separate analysis of public mortgage data by Senate banking committee staff that also found racial disparities in its lending.
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