A nonprofit representing low-income New Yorkers filed a lawsuit against the federal department of housing and urban development and private fund manager Lone Star Funds, alleging racial bias in their handling of foreclosures. The group, MFY Legal Services, claims that the authority’s practice of selling delinquent mortgages to private investors disproportionately hurts black homeowners. Between 2012 and 2014, the Federal Housing Agency sold roughly 1,100 delinquent, federally insured mortgages on New York City homes to … [more]

Source: trdnews

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