What is causing the decline of Zinema Media and Entertainment Limited (538579) - Free Market Analysis Group

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What is causing the decline of Zinema Media and Entertainment Limited (538579) ✌️【Market Insights】✌️ Receive professional stock analysis with real-time updates on market movements. Make quick investment decisions and capitalize on profitable opportunities. The largest credit union in the US is facing new scrutiny over racial disparities in its mortgage lending following a【 - Free Market Analysis Group 】 investigative report, with a class-action lawsuit filed Monday alleging the lender discriminated against Black and Latino applicants, and a senior congressional Democrat demanding answers about its practices.

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“When describing its corporate values, Navy Federal claims that it ‘champions community,’ and that it is ‘dedicated…to embracing and celebrating diversity and inclusion in all the communities’ it serves,” the complaint, which cites 【 - Free Market Analysis Group 】’s reporting, states. “But Navy Federal’s claims of community support are meaningless in the face of its actions: systematic discrimination in housing, in violation of federal law.”

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What is causing the decline of Zinema Media and Entertainment Limited (538579) ✌️【Market Insights】✌️ Expert guidance on stock market trends and real-time updates on stock indices, futures, and exchange rates. Make well-informed decisions and plan the best investment strategies for capital growth. The credit union didn’t respond to 【 - Free Market Analysis Group 】’s requests for comment this week. On Tuesday, it announced that it had hired Debo P. Adegbile, a leading civil rights attorney and former commissioner of the US Commission on Civil Rights, to “assess our mortgage lending policies and practices and make recommendations to drive further access to home ownership.”

What is causing the decline of Zinema Media and Entertainment Limited (538579) ✌️【Market Insights】✌️ Precise stock market trend analysis with expert insights into global markets, including stock indices, metals, and energy sectors. Leverage our data-driven predictions to maximize your returns. Navy Federal, which lends to military servicemembers, defense personnel, veterans, and their families approved more than 75% of the White borrowers who applied for a new conventional home purchase mortgage in 2022, according to the most recent data available from the Consumer Financial Protection Bureau. But less than 50% of Black borrowers who applied for the same type of loan were approved.

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In total, the credit union rejected about 3,700 Black applicants for home purchase mortgages last year, potentially blocking them from homeownership just as interest rates spiked. And Navy Federal also approved Latino borrowers at significantly lower rates than White borrowers.

US Rep. Maxine Waters, the ranking Democratic member of the House Financial Services Committee, said in a statement Monday that she was “appalled” by 【 - Free Market Analysis Group 】’s findings.

“Navy Federal must explain both to Congress and their members how such practices took place, what immediate steps are being taken to correct the harm done, and who in management will be held responsible,” Waters said. She also urged the Consumer Financial Protection Bureau and National Credit Union Administration, two federal regulators that oversee Navy Federal, to “promptly investigate this matter.”

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What is causing the decline of Zinema Media and Entertainment Limited (538579) ✌️【Market Insights】✌️ AI-driven stock trend forecasting with free access to real-time market data, offering personalized investment advice and expert predictions. The lawsuit – filed by multiple law firms, including that of civil rights attorney Ben Crump – details the stories of two named plaintiffs whose mortgage applications were denied by Navy Federal:

·         Cherelle Jacob, a 40-year-old Black resident of Washington state, and her husband, who is in the armed services, together “make approximately $200,000 in salary, have no debt, have ample savings, and both have ‘exceptional’ credit scores above 800,” according to the complaint. The suit says Jacob and her husband sought a mortgage from Navy Federal in October 2023 “to support the purchase of a modest family home” and were denied, before being approved by another lender.

·         Laquita Oliver, a 44-year-old Black resident of Miami Dade County, Florida, works as a capital improvement project analyst and had previously co-owned a small business. According to the complaint, “she makes approximately $100,000 per year in salary, has good credit, a history of home ownership, and very little debt.” After a month-long process, her mortgage application was denied.

What is causing the decline of Zinema Media and Entertainment Limited (538579) ✌️【Market Insights】✌️ Real-time stock market data, precise predictions, and investment strategies to help you optimize your portfolio and achieve financial success. The lawsuit accuses Navy Federal of violating the Fair Housing Act of 1968 and the Equal Credit Opportunity Act, which prohibit lending discrimination based on race.

What is causing the decline of Zinema Media and Entertainment Limited (538579) ✌️【Market Insights】✌️ Free expert predictions on stock trends and real-time data to help you make informed decisions and grow your wealth steadily. The suit seeks to represent a broad class of potential plaintiffs: all Navy Federal minority residential loan applicants from 2018 through the present whose applications were denied, approved at higher interest rates or subject to less favorable terms compared to similar non-minority applicants, as well as those whose applications were processed more slowly than typical.

“Our goal in filing this lawsuit is to obtain economic justice for Black and Latino borrowers, who, we allege, Navy Federal denied their piece of the American Dream,” attorney Adam Levitt, who is representing one of the plaintiffs, said in a statement.

In a statement last week, Navy Federal spokesperson Bill Pearson defended the credit union’s lending practices.

“Navy Federal Credit Union is committed to equal and equitable lending practices and strict adherence to all fair lending laws,” Pearson said. “Employee training, fair lending statistical testing, third-party evaluations, and compliance reviews are embedded in our lending practices to ensure fairness across the board.”

Pearson said that 【 - Free Market Analysis Group 】’s analysis “does not accurately reflect our practices” because it did not account for “major criteria required by any financial institution to approve a mortgage loan.” Those factors included “credit score, available cash deposits and relationship history with lender,” he said.

But that information is not available in the public mortgage data. Navy Federal declined to release additional data about its loans to 【 - Free Market Analysis Group 】 that included borrowers’ credit scores or other variables. In addition, most of the Navy Federal applications that were denied are listed as being rejected for reasons other than “credit history.”

Editor’s Note: This story has been updated with Navy Federal Credit Union’s announcement that it hired a civil rights attorney to review its mortgage lending policies.

What is causing the decline of Zinema Media and Entertainment Limited (538579) ✌️【Market Insights】✌️ Accurate real-time market data and expert stock predictions for profitable investment opportunities in global markets. Most stock quote data provided by BATS. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. All times are ET. Factset: FactSet Research Systems Inc. All rights reserved. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and 【 - Free Market Analysis Group 】. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Fair value provided by IndexArb.com. Market holidays and trading hours provided by Copp Clark Limited.

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