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1
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SETTLEMENT AGREEMENT AND ORDER
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EXTRACTED KEY WORDS
UNITED STATES SETTLEMENT AGREEMENT LOAN MORTGAGE BROKERS YORK REGULATION DELTA FUNDING ACT DELTA FINANCIAL CORPORATION COMPLAINT COURT FAIR HOUSING CREDIT BORROWERS UNITED STATES DEPARTMENT HOEPA COMPENSATION COMPLIANCE TRAINING PROGRAM EQUITY PROTECTION ACT FAIR LENDING RESPA VIOLATIONS ECOA FHA UNITED STATES DISTRICT OPPORTUNITY ACT REMEDIATION FUND DISCLOSURE |
IN THE UNITED STATES DISTRICT COURT
FOR THE EASTERN DISTRICT OF NEW YORK
UNITED STATES OF AMERICA,
Plaintiff,
v.
CASE No. CV 00 1872
DELTA FUNDING CORPORATION, and
DELTA FINANCIAL CORPORATION
Defendants.
___________________________________
SETTLEMENT AGREEMENT AND ORDER
The United States of America, through the United States Department of
Justice and on behalf of the Secretary of Housing and Urban
Development and the Federal Trade Commission, and Delta Funding
Corporation ("Delta Funding") and Delta Financial Corporation (except
where otherwise noted, both defendants are collectively referred to as
"Delta" or "the lender") have agreed to enter into this Settlement
Agreement simultaneously with the filing of the United States of
America's Complaint (the "Complaint") alleging that Delta has violated
the Fair Housing Act (42 U.S.C. §§ 3601-3619)("FHA"), the Equal Credit
Opportunity Act (15 U.S.C. §§ 1691-1691f) and its implementing
Regulation B (12 C.F.R. Part 202) (collectively, "ECOA"), the Home
Ownership and Equity Protection Act of 1994 (15 U.S.C. § 1639) and its
implementing Regulation Z (12 C.F.R. §§ 226.31 - 226.32)
(collectively, "HOEPA"), and the Real Estate Settlement Procedures Act
of 1974 (12 U.S.C. § 2601 - 2617) and its implementing Regulation X
(24 C.F.R. Part 3500) (collectively, "RESPA"), all as amended. This
Settlement Agreement resolves fully all claims in the United States'
Complaint.
I. INTRODUCTION
This case is brought by the United States to vindicate the rights
of persons whom the United States claims were injured by alleged
violations of the fair lending, fair housing and consumer
protection laws and regulations, as set forth above. The Complaint
alleges that Delta is engaged in the business of making subprime
home mortgage loans; that a large part of its business is
concentrated in the minority residential areas of Kings and Queens
Counties, New York; that the majority of its loans are refinancing
loans for the purpose of debt consolidation; that the majority of
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2
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COMPLAINT
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EXTRACTED KEY WORDS
DELTA ACT BROKERS BORROWERS FEES MORTGAGE LOANS CREDIT DEFENDANTS VIOLATION DELTA FUNDING REGULATION FAIR HOUSING REAL ESTATE SETTLEMENT PRACTICES REAL ESTATE LENDING POLICIES AFRICAN AMERICAN EQUAL CREDIT OPPORTUNITY PAYMENTS YORK ESTATE SETTLEMENT PROCEDURES HOEPA CHARGES DISCRIMINATORY UNITED STATES RIGHTS ATTORNEY REFERRALS |
IN THE UNITED STATES DISTRICT COURT
FOR THE EASTERN DISTRICT OF NEW YORK
UNITED STATES OF AMERICA,
Plaintiff,
v.
CASE No. CV 00 1872
DELTA FUNDING CORPORATION, and
DELTA FINANCIAL CORPORATION
Defendants.
___________________________________
COMPLAINT
The United States of America alleges:
1. This action is brought by the United States to enforce the
provisions of Title VIII of the Civil Rights Act of 1968, as
amended by the Fair Housing Amendments Act of 1988, 42 U.S.C.
§§ 3601-3619 ("Fair Housing Act"), and of the Equal Credit
Opportunity Act, 15 U.S.C. §§ 1691-1691f ("ECOA"). This action is
also brought on behalf of the Secretary of Housing and Urban
Development to enforce the Real Estate Settlement Procedures Act,
12 U.S.C. § 2607 ("RESPA"), and, acting upon notification and
authorization to the Attorney General by the Federal Trade
Commission, under Section 13(b) of the Federal Trade Commission
Act ("FTC Act"), 15 U.S.C. § 53(b), and Section 108(c) of the
Truth in Lending Act ("TILA"), 15 U.S.C. § 1607(c).
2. This court has jurisdiction of this action pursuant to 28 U.S.C.
§§ 1331, 1337(a), and 1345; 42 U.S.C. § 3614; 15 U.S.C. §§ 53(b),
1607(c), and 1691(h); and 12 U.S.C. § 2614. Venue is appropriate
pursuant to 28 U.S.C §§ 1391(b) and (c) and 1392(a), as well as 15
U.S.C. § 53(b).
3. Defendant, Delta Funding Corporation ("Delta Funding"), is a
wholly owned subsidiary of defendant Delta Financial Corporation,
a publicly held company traded on the New York Stock Exchange
(except where otherwise noted, both defendants are collectively
referred to as "Delta"). Delta is incorporated under the laws of
the State of Delaware, with its principal place of business in
Woodbury, New York.
4. From at least 1982 until the present, Delta's business has
included regularly engaging in residential real estate-related
transactions and regularly extending credit to persons. Delta's
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3
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SETTLEMENT AGREEMENT
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EXTRACTED KEY WORDS
DELTA BROKERS MORTGAGE BORROWERS FEES YORK TIE LAW CHARGE HOEPA RHE BUSINESS AGENCIES ALLEGES VIOLATIONS PROHIBITING ECOA FHA STARES CONSUMER HOME MORTGAGE QUEENS COUNTIES COMPLAINT THAR PAY FEDERAL AGENCIES REMEDITION FUND WIRH |
04/04/00 11:19 FAX 202 511 1276 DOJ PUBLIC AFFAIRS
-7 --- _-_ -- .-_-
@lo15
mRR-30-2000 17:02 DoJKf?D4iousING
P. 15aB
L
. . -
I.-
L
J.- ;
:I
.:
lb& Uaited Stgtcs of Anmica, through rhe United
and on
behalf df the Secxetay of Housing and Urban Dmlopment
,
ad Delta:Funding Coqmrarion C'DcIti Fwdin#-)
(cxcqx
have aped to enter $dn d&s Settlement Apeazunt
rhc United
.
Stutcs of &mica's Comphh (the "Complainu')
HO&g Act(42U.S.C. ff 3601-36i9)("~`),theEqud
U.S.C.@
1691-1691~ and ita implm Re&tiga B (12
Home ownaship and Equity Rondion Act of 1994 (IS USC, 5
Rcaulstion' 2 (12 CJ?.k 55 22631 - 22632) (cullectivrly,
Sebl&:Aoccdwa Act of 1974 (12U.S.C. 5 2601-
ulation X
04/04/00 11:19 FS 202 511 4276 DOJ Ph%LIC AFFAIRS
-__-,-,--.- - - .-m-
NQ?-3@-2F3m 17 : 02 mJKRDm1NG
I. INT=RODUcTION
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4
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COMPLAINT
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EXTRACTED KEY WORDS
ACT BORROWERS DEFENDANTS LOAN PRACTICE DOJ PUBLIC AFFAIRS POLICIES CREDIT BROKER AFRICAN FEMALES DELTA FUNDING FAIR HOUSING ACT FEE AMERICAN DISCRIMINATION ESTATE EQUAL CREDIT REGULATION CIVIL VICTIMS LENDING SETTLEMENT PROCEDURES ACT HOEPA MORTGAGE RELIEF RACE PATTERN |
o-1/0$/00 11:11 Ffl 202 51-1 ~276 DOJ
@loo2
,T-i------ --
514 1116 P.0P30
-- M3JKFZDA-KUST~
pm?-30-2000 lG59
-. _
R
IN 'CHE wITED STATES
I FOR THE E$EXERN DISTRICT
I pubtiff,
DELTA F&DING CORPORATI~,
DELTA FINANCIAL CORPORATIQN
*
Def endlknts.
'lb; United Btatee of
1
to enforce
-1 This action ie
s
. .
the provisions of Title VIII
of 1968, as
amended by tha Fair Housir.g
S. C.
SB 3601-._9619 (aFair Rousing Act"),
Credit
C@ort+iEy Act, 15 u.5.c.
This action
ifi also brought on behalf of the
ng and Urban
Development to enforce the Real Estate
Procedures Act,
12 U.S.C. 5 2607 (WESPA*),
and
authorization to the Attorney
Trade
Cmmiee~oa, under Section
de Comission
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