JPMorgan to Pay $55 Million to Settle Mortgage Discrimination Complaint
ByJPMorgan Chase has agreed to pay $55 million to settle an investigation into whether it charged thousands of African-American and Hispanic borrowers higher interest rates on mortgages than white customers.
The proposed settlement, which was announced Wednesday, would conclude a federal inquiry that began nearly seven years ago into possible discriminatory mortgage practices by JPMorgan, the nation’s largest bank.
The discriminatory loans were originated from at least 2006 to late 2009, according to a complaint filed this month by Preet Bharara, the United States attorney for the Southern District of New York. Black and Hispanic borrowers were charged, on average, $1,000 more than comparable mortgages given to whites, the complaint said…
JPMorgan to Pay $55 Million to Settle Mortgage Discrimination Complaint
