By Matthew Russell Lee, Patreon
BBC - Guardian UK - Honduras - CJR - PFT
SOUTH BRONX / SDNY, Oct 6 – Back in April 2021, Fair Finance Watch and Inner City Press predicted that the proposed merger of New York Community Bank and Flagstar would flounder, on disparate lending and regulatory evasions.
Fair Finance Watch found that in 2019 Flagstar made 60,982 mortgage loans to whites, with 13,963 denial to whites - while making only 3799 loans to African Americans with fully 1777 denials to African American. This was significantly worse than other lenders.
New York Community Bank's record as an enabler of and profiteer off slumlords led Inner City Press file a Community Reinvestment Act challenge to its then-proposed merger with Astoria Bank, which fell apart.
Now a year a half later, the proposed merger is still not done and the extended deadline is approaching, amid talk of, as we predicted, fair lending action. Both companies' stock prices are down. CRA and fair lending sometimes do have an impact. Watch this site.
Watch this site.
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