Sunday, March 19, 2006

Denying the dream of homeownership

A home mortgage lender that does business in Tampa is the target of a civil rights complaint filed last week by the National Community Reinvestment Coalition.

Gelt Financial Corporation, also known as Gelt Holdings, Inc., is one of five companies named in complaints filed with HUD, which allege discrimination in lending in violation of the Federal Fair Housing Act.

NCRC says the complaints expose a national problem of underwriting practices through the use of minimum loan values to redline low- to moderate-income communities. The minimum property value policy discriminates against African-Americans and other minorities, serves no justifiable business purpose and further limits access to communities that are already underserved.

Read the complaint against Gelt here.

See a map of Tampa illustrating the minority population and median housing value here.

Consumers who believe that they have been victimized by discriminatory and/or predatory lending practices may contact NCRC’s fair housing and Consumer Rescue Fund staff either on-line or by calling 800-475-NCRC.


At 4:17 AM, Blogger Paul Adams said...

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