By: Dee DeQuattro
The City of Providence
has filed a lawsuit against Santander Bank alleging that the bank has discriminated against Providence
’s minority communities by not providing them access to prime mortgage loans as required under the Fair Housing Act.
According to the lawsuit filed in the United State District Court since 2009 Santander
has reduced its lending to the city’s minority neighborhoods while expanding business to white neighborhoods.
’s practices violate fair lending laws and hurt Providence
families,” said Providence Mayor Angel Taveras. “Many borrowers in minority neighborhoods are qualified for prime loans, but Santander
has written them off. That holds down property values and the broad economic recovery that a healthy housing market can help generate in every neighborhood in Providence
.” See the full complaint and maps comparing lending activity by neighborhood here.
(C) WLNE-TV 2014