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Fannie Mae Reaches $53M Settlement Over Discrimination Claims

Fannie Mae has agreed to pay $53 million to settle allegations by the National Fair Housing Alliance and 19 local housing groups that the mortgage finance giant discriminated against communities of color after the 2008 financial crisis. So reports the Cleveland Scene.

Fannie Mae2 280x186The lawsuit followed a four-year study of 2,300 Fannie Mae-owned foreclosed properties in 39 metropolitan areas in the country, resulting in 49,000 photographs that allegedly showed that homes in Black and Latino communities were poorly maintained compared with properties in white neighborhoods.

In the settlement, Fannie Mae denied all wrongdoing.

Read the full article from Cleveland Scene.

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