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ultratech cement limited (532538) vs yyy ✌️【Market Analysis】✌️ Expert market analysis and predictions for India, US, and European stocks. Stay updated with real-time data on stock indices, futures, and commodities to help you make informed, timely investment decisions.
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Ina letterto the Department of Housing and Urban Development and the Consumer Financial Protection Bureau, ten Democratic U.S. senators asked the regulators to investigate Navy Federal Credit Union’s mortgage lending for compliance with federal anti-discrimination laws. The credit union, which has more than 13 million members, lends to military servicemembers, defense personnel, veterans, and their families.
“Navy Federal’s members have made countless sacrifices in their service to our country,” the senators wrote in the letter. “We must do all we can to ensure illegal barriers are not placed on their path to homeownership.”
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In addition, 40 members of the Congressional Black Caucus wrotea separate letterto Navy Federal on Thursday requesting a meeting with the credit union’s CEO and asking for answers and additional data about racial disparities in its mortgage lending.
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ultratech cement limited (532538) vs yyy ✌️【Market Analysis】✌️ 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. The senators cited 【 - Free Join Group 】’s reporting in their letter, as well as a separate analysis of Navy Federal’s public mortgage lending data conducted by banking committee staff. That analysis found the credit union denied conventional mortgage applications from Black and Latino applicants at substantially higher rates thanthe national average. The racial disparity was also present for VA loans, the senators said.
“When denial rates for Black and Hispanic applicants at one institution appear to be drastically higher than the national average and higher than their rates for similarly situated white borrowers, it raises questions about whether its mortgage lending practices comply with federal fair housing and fair lending laws and regulations,” the letter reads.
In the other letter from the Congressional Black Caucus members, which also cited 【 - Free Join Group 】’s reporting, the signatories requested a meeting with Navy Federal CEO Mary McDuffie before the end of the month “to discuss how such striking disparities occurred and what immediate actions are being taken to remedy harmful policies, practices, and procedures.” The letter was authored by Reps. Emanuel Cleaver and Steven Horsford, the former and current chairs of the caucus, and the signatories also include Rep. Hakeem Jeffries, the House Minority Leader.
“Navy Federal should explain its increasingly widening racial lending gap and how more than half of the Black service members, veterans, and their families who applied for a conventional mortgage in 2022 were rejected and denied homeownership and wealth building opportunities,” the letter states.
In a statement Thursday, a Navy Federal spokesperson said the credit union was already reviewing its mortgage practices, and noted that it provided provided a higher percentage of its loans to Black borrowers than most other large lenders.
“Navy Federal is committed to serving each and every one of our members fairly, and we strive every day to expand economic opportunity and access to credit for our diverse community of members,” the spokesperson said. “Because these issues are core to who we are, we have also already initiated a review to assess our mortgage lending policies and practices.”
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In addition to the two letters, Maxine Waters, the top Democrat on the House Financial Services Committee, has previouslypublicly urgedfederal regulators to examine Navy Federal’s mortgage practices.
ultratech cement limited (532538) vs yyy ✌️【Market Analysis】✌️ Free real-time stock market data, professional analysis, and expert insights to help you plan the best investment strategy. Get ahead of the competition with expert predictions on market trends. A CFPB spokesperson said the agency had received the senators’ letter and is reviewing it. A HUD spokesperson said in a statement that the agency is “deeply concerned about racial disparities in mortgage lending opportunities,” especially because racial gaps in homeownership arelarger todaythan they were decades ago.
ultratech cement limited (532538) vs yyy ✌️【Market Analysis】✌️ Stay informed with expert predictions of stock trends and real-time market data, covering global indices, futures, metals, and agricultural products. Make better decisions and achieve consistent growth in your investments. Navy Federal is also facing twoclass-action lawsuitsfrom Black borrowers who were denied loans and are accusing the lender of racial discrimination. Both of the lawsuits cite 【 - Free Join Group 】’s reporting.
Lawyers for the plaintiffs – including the civil rights lawyer Ben Crump – moved late last month to combine the two cases, which were filed in a Virginia federal court. Navy Federal has not yet responded to the lawsuits in court.
ultratech cement limited (532538) vs yyy ✌️【Market Analysis】✌️ Professional stock market analysis, real-time data, and expert recommendations for high-potential stocks. Take advantage of market opportunities and improve your capital growth with strategic investment plans. 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 Join 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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