Allegations of Redlining at OceanFirst Bank

1 Credits

Allegations of Redlining at OceanFirst Bank

The U.S. Department of Housing and Urban Development, or HUD, has reached a significant Conciliation Agreement with OceanFirst Bank to address allegations of redlining in New Jersey. These allegations assert that the bank unfairly limited access to credit and mortgage services in majority-Black, Hispanic, and Asian neighborhoods around New Brunswick.

Redlining, an illegal and discriminatory practice, highlights the ongoing struggle for equitable access to financial services. HUD’s Acting Secretary Adrianne Todman emphasized that this settlement is crucial in addressing these allegations and ensuring fairness in housing. Attorney General Merrick B. Garland also remarked on the importance of this agreement, noting that over $137 million has been secured for communities affected by such discriminatory practices.

As part of the agreement to resolve the allegations, OceanFirst will invest at least $14 million in a loan subsidy fund to help increase access to mortgage loans in the affected areas. The bank will also allocate $400,000 for professional services and commit $700,000 over five years for outreach and financial education to address these concerns.

OceanFirst will maintain a full-service branch in the community and assign dedicated loan officers to better serve residents, as part of its efforts to resolve the allegations. This settlement is seen as a significant step in ensuring fair access to homeownership for all.

Source: Link

Keller Williams has reached a settlement

Keller Williams has reached a settlement regarding a series of lawsuits filed by former agents over proposed changes to its profit-sharing program. The legal disputes stemmed from the company’s plans to cut profit-sharing benefits for agents who switched to rival brokerages before April 2020.

According to a court filing in Maine, the settlement comes after multiple class-action lawsuits were initiated, challenging the company’s attempts to retroactively modify its profit-sharing rules. One of the lead plaintiffs, James McFarlane, argued that the profit-sharing program was essential for recognizing the contributions of agents to the company’s success.

Keller Williams spokesman Darryl Frost confirmed that most, but not all, of the lawsuits have been settled. He noted that the proposed changes to the profit-sharing program were never implemented.

The company initially sought to apply new profit-sharing rules to agents who left before April 2020 but abandoned this plan amid legal pushback. As it stands now, agents who joined before that date will continue to receive full profit-sharing benefits, provided they don’t compete directly with Keller Williams.

The final settlement details are expected to be completed within the next 30 days.

Source: Link

CoStar Group has emerged victorious

CoStar Group has emerged victorious in a legal showdown against Move, the parent company of Realtor.com. A tentative ruling from Judge George H. Wu of the U.S. District Court for California denied Move’s request for a preliminary injunction in its trade secret lawsuit against CoStar.

Judge Wu stated that Move failed to demonstrate imminent, irreparable harm, even if there was past misappropriation by former employee James Kaminsky. The judge criticized Move for not engaging in discovery and labeled their claims as speculative. CoStar’s general counsel, Gene Boxer, expressed gratitude for the court’s ruling, asserting that Move’s allegations lack factual support.

In response, a Realtor.com spokesperson noted that this decision is just one step in the legal process, emphasizing their eagerness for the discovery phase. The lawsuit, filed in July, revolves around claims that Kaminsky took documents from Realtor.com before joining Homes.com.

Source: Link

About “3 Things You Need to Know” on OnTrack Agent.

3 Things You Need to Know” delivers concise, no-nonsense real estate news, ensuring that agents stay informed and ahead of the curve.

Stripping away editorial commentary, the show focuses on the key developments shaping the real estate industry and the broader U.S. economy.

Whether it’s market trends, legislative changes, or economic shifts, each episode distills the most important information into easily digestible segments.

Designed specifically for real estate professionals, “3 Things You Need to Know” equips agents with the insights they need to make informed decisions and thrive in a competitive landscape.

Stay connected to the pulse of the industry with timely updates that matter each weekday, Monday through Friday.

 

3 Things You Need to Know – Copyright 2024 – OnTrack Agent

Buy Now

---