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78 services provider and also one of RedVision's largest customers. "After reviewing the STP concepts and methodologies, we are confident that the capabilities and technology will enrich our first-class products while increasing opera- tional efficiencies." CFPB and Justice Department Fine Hudson City Bank $27 Million for Redlining e Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) have taken action against Hudson City Savings Bank for alleged discriminatory redlining practices. Hudson City was accused of denying access to mortgage loans from residents that dwell in majority-Black-and-Hispanic neighborhoods. Additionally, the CFPB and DOJ also alleged that the bank illegally provided unequal credit access to neighborhoods in New York, New Jersey, Connecticut, and Pennsylvania. If the court approves the proposed consent order, Hudson City will pay the largest redlin- ing settlement in history. e fines, which total $27 million, will include a $25 million in direct loan subsidies to qualified borrowers in the affected communities, $2.25 million in community programs and outreach, and a $5.5 million penalty. "It is apparent to everyone that dis- criminatory practices in the mortgage market undermine people's ability to buy a home and build long-term wealth," said Richard Cordray, CFPB director. "Without access to afford- able credit to buy or improve a home, without a mortgage broker nearby, without a bank branch to offer basic services, neighborhoods deteriorate in the long shadow cast by discrimi- natory practices. e integrity of the consumer financial marketplace is diminished." According to the announcement, the bank was allegedly found in direct violation of the Equal Credit Opportunity Act (ECOA), which prohibits creditors from discriminating against applicants in credit transactions on the basis of characteristics such as race, color, and national origin. e DOJ also alleges that Hudson violated the Fair Housing Act. Hudson City apparently found branches and loan officers, selected mortgage brokers, and marketed products that discouraged potential borrowers in Black and Hispanic communities. e complaint alleged that these discrimi- natory practices went on from at least 2009 to 2013. "Hudson City Savings Bank structured its business operations to systemically avoid providing credit services in predominantly minority neighborhoods," said U.S. Attorney Paul J. Fishman of the District of New Jersey. "ere is no room for such behavior in our banking system. In addition to paying $25 million for a loan subsidy program, today's settlement agreement will require the bank to take a number of concrete steps to ensure that they improve access to responsible and afford- able credit to qualified borrowers in Black and Hispanic neighborhoods." e joint action alleges that Hudson City illegally avoided and thereby discouraged consumers in majority-Black-and-Hispanic neighborhoods from applying for credit by: Avoiding locating branches and loan officers in majority-Black-and-Hispanic com- munities. Avoiding using mortgage brokers in majority-Black-and-Hispanic communities. Excluding majority-Black-and-Hispanic communities from its marketing strategy. Excluding majority-Black-and-Hispanic neighborhoods from its credit in assessment areas. In addition to the aforementioned fines Hudson City must also: Offer full-service banking in majority- Black-and-Hispanic communities. Expand assessment areas to include majority-Black-and-Hispanic communities. Assess the credit needs of majority-Black- and-Hispanic communities. Develop a fair lending compliance and training plan. IN THE NEWS New York AG Announces Further Funding for Foreclosure Prevention New York Attorney General Eric Schnei- derman announced another $11.5 million in funding to aid 28 legal services organizations New York RANK: 2 90+ Day Foreclosure Unemployment Delinquency Rate Rate Rate AUGUST 2015 1.98% 4.00% 5.2 YEAR AGO 2.72% 5.01% 6 YEAR-OVER-YEAR CHANGE -27.0% -20.3% -0.8 Top County SULLIVAN COUNTY 90+ Day Foreclosure Delinquency Rate Rate AUGUST 2015 2.60% 1.89% YEAR AGO 2.73% 2.01% YEAR-OVER-YEAR CHANGE -4.7% -5.9% Top Core-Based Statistical Area AMSTERDAM, NY 90+ Day Foreclosure Delinquency Rate Rate AUGUST 2015 3.32% 8.25% YEAR AGO 5.04% 8.26% YEAR-OVER-YEAR CHANGE -34.1% -0.0% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the August 2015 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary August 2015 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. New York Todd Yovino Broker/Owner Island Advantage Realty, LLC Metropolitan New York and Long Island's Default Specialist for Over 26 Years Todd@iarny.com | 631-820-3400 www.islandadvantage.com New Jersey's serious delinquency rate of 8.1 percent for August 2015 was the highest among states and was more than double the national rate of 3.5 percent, according to CoreLogic. KNOW THIS