HCI, Consumer One over-charged Blacks, Latinos. Two mortgage companies have been found to charge borrowers of color about 50 percent more than White customers, a recent investigation shows. HCI Mortgage and Consumer One Mortgage billed Black and Latino loan applicants an average of about $2,500 more than White applicants, The Daily News reports. The investigation results indicate that the pattern was deliberate. HCI and Consumer One were both ordered to pay $665,000 in restitution to 445 borrowers of color, who were found to be victims of the loan-related discrimination. Racism in financing has long been believed to be among the most prevalent forms of institutional racism.

Mortgage Brokers Jerked Minority Borrowers Two major mortgage brokerage companies, which consistently zapped Black and Hispanic borrowers with substantially higher interest rates than Whites, must pay $665,000 in restitution. Under the terms of the agreement between HCI Mortgage, Consumer One Mortgage and the New York Attorney General’s Office, the companies must compensate 445 minority clients. New York filed suit following an investigation of GreenPoint Mortgage Funding, a division of Capital One Financial, found discriminatory lending practices.  HCI, Consumer One and U.S. Capital Funding did “substantial business” with GreenPoint, said Attorney General Andrew Cuomo. In March 2007, Capital One agreed to pay $1 million in compensation. The U.S. Capital Funding suit has yet to be resolved. The settlements will “ensure mortgage brokers comply with the law and offer fair and legitimate rates to all New Yorkers,” Cuomo said. The Black and Hispanic borrowers who used HCI Mortgage paid about 50 percent, or about $2,500, more than White clients.
Car-jacking Suspects Arrested in Atlanta. Police arrested two men Tuesday who allegedly jacked a Jaguar in downtown Atlanta after their car slammed into other vehicles, injuring two other people, including a 12-year-old boy. Both suspects were also injured and taken to Grady Memorial Hospital.