Nonprofit sues federal government, Lone Star over mortgage foreclosures

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. Foreclosure […]

Fannie Mae picks non-profit for first small sale of non-performing loans

Fannie Mae announced the winner of its first sale of non-performing loans as part of its “Community Impact Pool” program, which consists of smaller pools of non-performing loans and is designed to attract diverse participation by non-profits, small investors and minority- and women-owned businesses. After announcing the first Community Impact Pool sale in July , […]