C&F Mortgage Settles Discrimination Suit - NBC4 Washington

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.