LAWSUITS NEWS & LEGAL INFORMATION
First Indiana Bank NA
Indianapolis, IN: (Jun-05-07) The National Community Reinvestment Coalition (NCRC) filed a racial discrimination lawsuit against First Indiana Bank NA, claiming that the Indiana bank discriminated against minorities by refusing to make loans on row houses in Baltimore, Philadelphia and Washington, DC. NCRC alleged that First Indiana Bank refused to make loans on row homes and any property valued at less than $100,000 because those properties, along with row houses, are more heavily concentrated in African-American and Hispanic neighborhoods.
In a settlement reached, First Indiana Bank, though denying the allegations, agreed to pay $100,000. It also agreed to institute a second review procedure for all denied loan applications and inform loan brokers that it has discontinued its no-row-home and minimum-property-value policies. Further, the settlement negotiated by the US Department of Housing and Urban Development prohibits the bank from using minimum property values as underwriting criteria or from excluding row homes as suitable collateral for loans. [INMAN NEWS: PROPERTY VALUE DISCRIMINATION]
Published on Jun-6-07
In a settlement reached, First Indiana Bank, though denying the allegations, agreed to pay $100,000. It also agreed to institute a second review procedure for all denied loan applications and inform loan brokers that it has discontinued its no-row-home and minimum-property-value policies. Further, the settlement negotiated by the US Department of Housing and Urban Development prohibits the bank from using minimum property values as underwriting criteria or from excluding row homes as suitable collateral for loans. [INMAN NEWS: PROPERTY VALUE DISCRIMINATION]
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If you have a similar problem and would like to be contacted by a lawyer at no cost or obligation, please click the link below.Published on Jun-6-07
