...now before you laugh please consider that Wells Fargo just wrote a $185 million check to the Obama Justice department and SunTrust wrote one for $25 million in a settlement while "admitting no wrong doing."
What is "disparate impact?"
Example 1) Disparate impact is the new buzz word for what happens when you go to a mortgage broker or correspondent lender who brokers or sells their closed loans to the primary dealer- in this case Wells or Suntrust- and the broker or correspondent charges you a different set of fees and/or interest rate than every other correspondent or broker NATIONWIDE who sells to the primary dealer for a similar set of curcumstances.
By purchasing that loan Wells or Sunturst- acording to the Obama Justice Dept. and the Consumer Finance Protection Bureau (another clusterfuck bureaucracy courtesy of Dodd/Frank)- discriminated against the borrower who paid the higher rate/fees, regardless of every other market factor that might have influenced the difference in rate/fees.
Example 2) My correspondent lending company that I own wants to do a television ad touting our programs and services.If I choose to show "customers" whether real or actors I must show every conceivable race, gender, ethnicity, and age group so potential customers won't feel like they're excluded and we're marketing to only to select market segments.
This would be hilarious if it wasn't real and wasn't such a threat to ALL business- big and small- who are in the process from origination of mortgages to the sale of MBS at the primary dealer level.
God help us if this ass clown wins another term in November...
