HMDA Data: The Fun Has Begun
The agencies haven't yet finished loading and massaging the HMDA LAR data submitted for 2004, but the lawsuits based on the data have already begun. New York State's activist Attorney General has announced that several of the nation's largest financial institutions are, in his opinion, providing higher-cost financing to minorities. This is based on an initial cut of the numbers using LAR data only. Much more information, such as that relating to the applicants' creditworthiness and the value of the properties, is at this point known only to the lenders. But that is the information that matters.
Copyright © 2005 Compliance Action. Originally appeared in Compliance Action, Vol. 10, No. 6, 5/05
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