Indiana Bank Settles Home Loan Discrimination Lawsuit | Indiana News

INDIANAPOLIS (AP) – An Indiana-based bank has agreed to provide more home loans to predominantly black neighborhoods as part of a settlement of a federal discrimination lawsuit filed by a fair housing organization.

The Evansville-based Old National Bank faced allegations in the October Fair Housing Center of Central Indiana lawsuit that the bank engaged in housing discrimination against blacks in Indianapolis in violation of the Fair Housing Act.

Settlement Agreement Calls on Old National to Make Over $ 27 Million in Loans to Qualified Black Applicants and Help More Than $ 3 Million in Programs to Help Black Housing Applicants Get Loans mortgage and investing in predominantly black neighborhoods, the Indianapolis Business Journal reported.

Fair Housing Center executive director Any Nelson said the deal will provide more opportunities for mortgages, bank branches, neighborhood stabilization grants and fair loan education.

Old National has denied any wrongdoing in the settlement agreement and said it will work to strengthen underserved, low-income neighborhoods.

Political cartoons

Under the settlement, Old National will invest a minimum of $ 1.1 million in a loan subsidy program that will provide borrowers with up to $ 10,000 to help cover down payments, mortgage insurance premiums and fees. Closing.

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Source link

Comments are closed.