10
Aug
11

Lenders Cannot Discriminate On Basis of Pregnancy

HUD has announced a precedent-setting agreement with Cornerstone Mortgage Company that resolves Fair Housing complaints that it denied or curtailed mortgages to families in which women were pregnant. 

Under terms of the agreement, Cornerstone will pay $15,000 to Dr. Elizabeth Budde, who said she was turned down for a mortgage even though she said she would return to work after giving birth.  The company also has agreed to set up a $750,000 fund to compensate other women who were victims of discrimination.

As the settlement was announced, HUD said it would initiate similar lawsuits against Mortgage Guaranty Insurance Corp. (MGIC) and other lenders.

“Pregnancy is not a basis to deny or delay a loan – it’s that simple,” said HUD Assistant Secretary John Trasvina.

This informative article brought to you by Old Republic National Insurance.

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Jennifer Ferri, Owner

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