For a large lender, CRA provided expert testimony during a class action claim which asserted that underwriting of the mortgage disparately impacted minorities. Our expert— tasked with assessing whether statistical evidence supported the class action—testified that minorities were not unfairly priced and that the loan product was not disadvantageous to minorities. Plaintiffs demanded damages in excess of $100 million. The class was settled for less than a million.
COVID-19 crisis – Mortgage forbearance considerations
During the current COVID-19 crisis, many financial institutions have responded by tightening their lending standards while increasing allowable forbearance...