JPMorgan agrees to $55 million settle of mortgage discrimination complaint: source
JPMorgan Chase & Co has agreed to pay $55 million to settle a U.S. Justice Department lawsuit accusing it of discriminating against minority borrowers by allowing mortgage brokers to charge them more for home loans, a person familiar with the matter said on Wednesday.
The U.S. Justice Department complaint, filed in Manhattan federal court on Wednesday, accused the bank of willfully violating the U.S. Fair Housing Act and the Equal Credit Opportunity Act between 2006 and 2009 and showing “reckless disregard” for the rights of at least 53,000 African-American and Hispanic borrowers.
“We’ve agreed to settle these legacy allegations that relate to pricing set by independent brokers,” JPMorgan spokeswoman Elizabeth Seymour said. “We deny any wrongdoing and remain committed to providing equal access to credit.”