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HUD Announces Lender Agreements
HUD recently announced that it had reached agreements with three mortgage lenders to make nearly $1.4 billion in home mortgages and spend an additional $6 million on programs to increase home ownership by low- and moderate-income families. The agreements cover a period of three years.
Temple-Inland Mortgage Corporation made the largest commitment - $1.35 billion for mortgage loans in the 48 states in which the company operates. A specific sum of $108 million is set aside for use in Fort Worth and Dallas.
The other two lenders, Overton Bank and Trust and Banc One Mortgage Corporation have committed $9 million and $10 million, respectively.
These cases were originated by the Fort Worth Human Relations Commission. The Commission filed its original complaint with HUD based on evidence compiled from testing. While the lenders do not make any admissions of discrimination, the evidence generated by the Fort Worth Human Relations Commission was supported by the Texas Human Rights Commission. Upon receiving the complaint, HUD proceeded to investigate and negotiate the settlement.
Copyright © 1998 Compliance Action. Originally appeared in Compliance Action, Vol. 3
, No. 5 & 6, 4/98
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