C&F Mortgage Settles Discrimination Suit

Saturday, Oct 1, 2011  |  Updated 4:20 PM EDT
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C&F Mortgage Settles Discrimination Suit

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A Virginia mortgage company has agreed to revise its practices to settle a government complaint alleging that the company discriminated against black and Hispanic borrowers.

The Justice Department announced the settlement with Midlothian-based C&F Mortgage Co. Friday. The settlement requires approval of the federal court in Richmond.

The government's complaint alleged that C&F charg greater interest rate markups and gave smaller discounts on home mortgage loans made to black and Hispanic customers in 2007.

C&F has agreed to revise its pricing policies, conduct employee training and pay $140,000 to borrowers who were overcharged.

The consent order says C&F denied discriminating against minorities but agreed to the settlement to avoid the risks and costs of litigation.
 

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