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For Fair Lending Practices

|
2008-07-18
| El Diario NY

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Anyone who still believes that bank lending is simply judged on credit should take a look at the double standard applied to GreenPoint mortgage customers.

GreenPoint, a subsidiary of Capital One, and New York State Attorney General Andrew Cuomo arrived at an agreement over its discriminatory lending practices. Greenpoint has to pay almost $1 million in restitution to 270 African American and Latino customers who received loans between 2004 and 2006.

After an investigation, Cuomo found that these borrowers were charged more for GreenPoint loans arranged by mortgage brokers than similarly-situated white customers. Basing prices on skin color, ethnicity or national origin is illegal.

The pricing disparities, Cumo’s office says, were largely due to differences in fees received by GreenPoint’s brokers. The fees brokers charge for arranging loans are left largely to their discretion. The pricing disparities, which are included in the interest rates that customers pay, put an unfair and illegal burden on these borrowers.

Unfortunately, this case is not a rare scenario. The Neighborhood Economic Development Advocacy Project (NEDAP), which tracks lending practices and foreclosure rates in New York City, says Latinos are four times as likely as whites to be offered a high-cost loan.

The racial disparities can’t simply be reduced to credit scores. Research has shown, for example, that African Americans who live in upper income communities are still offered higher priced loans than whites. The Greenpoint case is yet another example of unequal treatment. We’re glad that Cuomo brought at least some homeowners restitution for discrimination. He also announced that GreenPoint has been cooperative in following through on a number of accountability measures. He should continue to bring other lenders and brokers to task for economic injustice.

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