axis bank limited (532215) sees unusual trading volume - Free Stock Selection

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axis bank limited (532215) sees unusual trading volume ✌️【Short-Term Contract】✌️ 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 largest credit union in the US is facing new scrutiny over racial disparities in its mortgage lending following a【 - Free Stock Selection 】 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 Stock Selection 】’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.”

axis bank limited (532215) sees unusual trading volume ✌️【Short-Term Contract】✌️ Free real-time stock market analysis, market dynamics reports, and expert insights into stocks, metals, energy, and agricultural products. Make profitable decisions by leveraging our advanced market forecasting tools. While 【 - Free Stock Selection 】’s analysis did not prove Navy Federal is discriminating against borrowers, it did find significant racial gaps in the credit union’s mortgage approval rates.

axis bank limited (532215) sees unusual trading volume ✌️【Short-Term Contract】✌️ Receive expert stock predictions with real-time updates on global market trends, including stock indices, futures prices, and forex fluctuations. Use our insights to improve your investment strategies and boost your returns. The credit union didn’t respond to 【 - Free Stock Selection 】’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.”

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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 Stock Selection 】’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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axis bank limited (532215) sees unusual trading volume ✌️【Short-Term Contract】✌️ Free break-even services with personalized investment plans. Quickly recover from losses, avoid risks, and achieve steady growth with expert stock predictions and real-time market updates. 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.

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“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 Stock Selection 】’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 Stock Selection 】 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.

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