Posted 1/11/2024, 6:34:00 PM
Senators Call for Review of Navy Federal Lending Practices Amid 'Widest Racial Disparity' in Mortgage Approvals
- CNN investigation found Navy Federal approved over 75% of White mortgage applicants but less than 50% of Black applicants in 2022
- 10 Democratic Senators urged federal regulators to review Navy Federal's lending practices for discrimination
- Senators cited widest racial disparity in mortgage approvals compared to other top lenders
- Disparity remained even accounting for income, debt, property value and other factors
- Navy Federal faces 2 lawsuits from Black borrowers denied loans, accusing lender of discrimination