Kevin Stein (415) 864-3980
Caroline Peattie: (415) 457-5025 (Ext. 106)
CIT Group Accused of Redlining and Violating Fair Housing Act
CALIFORNIA REINVESTMENT COALITION AND FAIR HOUSING ADVOCATES OF NORTHERN CALIFORNIA FILE FAIR HOUSING COMPLAINT, URGING IMMEDIATE HUD INVESTIGATION INTO CIT GROUP’S ONEWEST BANK
San Francisco, CA, Nov. 17,, 2016---Yesterday, two nonprofit organizations formally filed a complaint requesting that the federal Department of Housing and Urban Development (HUD) investigate whether CIT Group violated and continues to violate the Fair Housing Act through its subsidiary, OneWest Bank. In 2014, CIT Group applied to acquire OneWest Bank, and after receiving regulatory approvals, the merger was completed in August, 2015.
The complaint alleges that OneWest Bank has violated the Fair Housing Act (FHA) through redlining practices such as failing to locate branches in communities of color and extending very few or no mortgage loans to borrowers of color. It also alleges OneWest maintained and marketed REO homes in predominantly white neighborhoods better than in neighborhoods of color.
Read the full press release here.
Read the HUD complaint here.
Read the supplemental narrative here.
View the map of One West REO's in the Bay Area here.
Pictures are available at these links
Map of OneWest branches in 2015, in MSA with minority percent greater than MSA average.
Map of OneWest lending in 2014 in Majority Asian American, African American, and Latino communities.
Map of OneWest REOs in the Bay Area.
Map of OneWest foreclosures in Los Angeles area as compared to majority minority zip codes. Note: 68% of OneWest’s foreclosures from April 2009 to April 2015 occurred in zip codes where non-white residents represented a majority of the population in the 2010 Census. Additional foreclosures maps are available here.