| NYCB
Proposed Merger With Flagstar Will Be
Challenged Based on Disparities, Lending
Abuse
By Matthew
Russell Lee, Patreon
BBC
- Guardian
UK - Honduras
- CJR -
PFT
SOUTH BRONX /
SDNY, April 26– The proposed
merger of New York Community
Bank and Flagstar will be
challenged, on disparate
lending and regulatory
evasions.
Fair
Finance Watch has found that
in 2019 Flagstar made 60,982
mortgage loans to whites, with
13,963 denial to whites -
while making only 3799 loans
to African Americans with
fully 1777 denials to African
American. This is
significantly worse than other
lenders. Combined with
Flagstar's history of abuses,
from being sued in SDNY to the
current data-breech
litigation, the merger must be
denied.
New York
Community Bank's record as an
enabler of and profiteer off
slumlords led Inner City Press
file a Community Reinvestment
Act challenge to its
then-proposed merger with
Astoria Bank, which fell
apart.
This proposal
should fall apart even faster
- it will be a litmus test for
the new bank regulators in
Washington.
Watch
this site.
***
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