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State of Texas

Judge blasts Colony Ridge settlement, declines oversight

Lending, Litigation, Politics and policy, State of Texas /

Key insight: The judge said the original complaint sought actual damages for Hispanic buyers steered into high-cost loans to buy undeveloped, flood-prone land. What’s at stake: The settlement provided no compensation to the buyers allegedly harmed and instead allocated $48 million for infrastructure and $20 million for law enforcement. Expert quote: “The court finds it […]

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Judge rejects DOJ-Colony Ridge settlement

Judge rejects DOJ-Colony Ridge settlement

Lending, Litigation, Politics and policy, State of Texas /

Assistant Attorney General for the Justice Department’s Civil Rights Division Harmeet Dhillon, pictured in 2023.Bloomberg News Processing Content Key insight: A $68 million-dollar settlement was heavily criticized because it failed to provide any restitution for thousands of victimized borrowers.  What’s at stake: A federal judge questioned why $20 million of the settlement was earmarked to

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Developer Colony Ridge to pay $68M in DOJ, Texas settlement

DoJ, Litigation, Regulation and compliance, State of Texas /

Processing Content What’s at stake: Colony Ridge will pay $48 million to improve infrastructure at its developments near Houston particularly flood control measures. No money is earmarked for harmed borrowers, however, who have a high bar to get relief under a default avoidance plan. Key insight: In a surprise move, the DOJ is requiring that

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