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U.S. sues JP Morgan Chase for alleged discrimination

By News Express on 19/01/2017

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  The U.S. on Wednesday sued JP Morgan Chase for discriminatory practices within its mortgage lending division.

The federal lawsuit said the investment banking giant charged higher rates and fees resulting in millions of dollars in added charges to 53,000 blacks and Hispanics between 2006 and 2009, compared to other borrowers, in violation of the U.S. Fair Housing Act and the Equal Credit Opportunity Act.

The average black borrower paid $1,100 more during the first five years on an average loan of $191,100, while Hispanic borrowers paid $1,000 more on an average loan of $237,000, the government said in the lawsuit filed in the federal court of the Southern District of New York in Manhattan.

JP Morgan Chase reached a $13 billion settlement in 2013 with the Justice Department for its mortgage practices.

The bank, along with Bank of America, Citibank and Goldman Sachs have paid more than $40 billion since 2012 for related activities that lead to the 2008 financial crisis. (Anadolu Agency)

Source News Express

Posted 19/01/2017 11:54:20 AM





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