Pennsylvania mortgage brokers found guilty in landmark predatory lending case
“Then all mortgage brokers are predatory,” challenged a mortgage broker in attempting to fight a ruling by the Pennsylvania Human Relations Commission finding them guilty for committing “reverse redlining” when qualifying applicants for subprime loans. An appellate court has now upheld that ruling and the almost $1M in fines issued against the broker. And although lenders have previously been found guilty of predatory lending, the Commission believes this is the first case in the country involving a broker.
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