Bank of America will pay a penalty smaller than the average down payment on a Fannie Mae-backed mortgage, after one of its mortgage loan officers allegedly violated the Fair Housing Act.
According to the Department of Housing and Urban Development, Hung Tran, one of the bank’s loan officers at its branch in Fairfield, California, allegedly discriminated based on sex and familial status when he withheld approval of a mortgage loan until the prospective borrower returned from maternity leave. The Fair Housing Act has outlawed discrimination on the basis of sex and family status since 1988.
The bank — details ⇒
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