A Judge denied the class action lawsuit against JP Morgan-Chase regarding Disparate Impact for loans that Chase invested in, but did not originate. The loans were originated by the now defunct New Century Mortgage in Detroit, and it was alleged that these loans were targeted to a specific group within that area.
While it is doubtful that this case will change Disparate Impact regulation, it is good news for lenders who picked up subprime mortgage loans through investment and acquisition during the crisis.
To read all of the details please CLICK HERE as published by K&L Gates.
