Bank of America wrote policies between 2010 and 2016 that denied mortgages and HELOCs to adults with disabilities who were under legal guardianships or conservatorships.
The net asset value of the Blackstone Real Estate Income Fund dropped by 24% to $443 million as of March 31 from $584 million at the beginning of the year.
The action doesn’t come as a total surprise. Industry attorneys said the CFPB, even under a business-friendly GOP, has been itching to do so for several years.
It’s possible the validity and outcomes of pending lawsuits involving enforcement actions will be fact-based and vary case by case, according to attorneys tracking the issue.
It is no longer “unfair and abusive” for lenders to make short-term or longer-term balloon-payment loans without reasonably determining that consumers will have the ability to repay the loans.