| NYCB
Proposal With Flagstar Stalled and Now
Talk of Fair Lending Action A Nail in
Coffin?
By Matthew
Russell Lee, Patreon
BBC
- Guardian
UK - Honduras
- CJR -
PFT
SOUTH BRONX /
SDNY, Oct 6 – Back in April
2021, Fair Finance Watch and
Inner City Press predicted
that the proposed merger of
New York Community Bank and
Flagstar would flounder, on
disparate lending and
regulatory evasions.
Fair
Finance Watch 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 was
significantly worse than other
lenders.
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.
Now a year a half
later, the proposed merger is
still not done and the
extended deadline is
approaching, amid talk of, as
we predicted, fair lending
action. Both companies' stock
prices are down. CRA and fair
lending sometimes do have an
impact. Watch this site.
Watch
this site.
***
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