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Inside Washington (04/08/2008)
* WASHINGTON (4/9/08)--Inner City Press/Fair Finance Watch, a lending advocacy group, Monday criticized JPMorgan Chase, saying the bank confined African-Americans to higher-cost loans 2.44 times more frequently than whites. The advocacy group made the statements after receiving a study of 2007 mortgage loans. The company’s disparity to Latinos was 1.60. The percentage of loans over the rate spread went up to 20.96% in 2007 from 19.28% in 2006, the group said ... * WASHINGTON (4/9/08)--The Senate Banking Committee met Monday in Philadelphia where Sen. Bob Casey (D-Pa.) and Chairman Christopher Dodd (D-Conn.) heard testimony regarding mortgage foreclosure (Life is a Highway April 8). Mike Nutter, Philadelphia mayor; Brian Hudson, CEO/executive director, Pennsylvania Housing Finance Agency; Community Legal Services; and a Philadelphia resident provided testimony. Dodd said the foreclosure bill the Senate is considering won’t stop foreclosures and more must be done to help the housing crisis. Dodd and Rep. Barney Frank (D-Mass.) are working on bills that would let the Federal Housing Administration guarantee $300 billion to $400 billion in refinancing to troubled borrowers. Dodd will have the first hearing for his bill tomorrow ...


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