Residential studies astros game used mortgage lending craig biggio autographed baseball defines is offered by all banksthrough Fulton Mortgage Company.Additional information on Fulton Financial Corporation is available on theInternet at Wakeley717-291-2616Copyright 2009, Market Wire, All rights reserved.-0-. * Divided ruling strikes federal limit on states Stocks | Bonds * Cuomo calls ruling "huge win" for consumers * High-rate mortgages allegedly targeted blacks, Hispanics (Adds Spitzer comments, paragraphs 13-14) By James Vicini WASHINGTON, June 29 (Reuters) - A divided U.S. SupremeCourt ruled on Monday that the New York attorney general'soffice can investigate whether national banks discriminatedagainst minorities seeking mortgages The justices overturned part of a ruling by a U.S. appealscourt that blocked state Attorney General Andrew Cuomo frominvestigating or enforcing the fair lending laws againstnational banks because they are subject instead to what hasbeen viewed as less stringent federal regulation. In a 5-4 ruling, Justice Antonin Scalia, one of the Court'smore conservative members, joined the four most liberaljustices in allowing Cuomo to bring lawsuits, though he couldnot at the same time issue subpoenas. The ruling struck down a regulation by the Office of theComptroller of the Currency that essentially preempted statesfrom enforcing their own fair lending laws, even when federallaw appeared inadequate to protect consumers. Scalia said it would be "bizarre" for states to be blockedfrom enforcing valid, non-preempted laws against nationalbanks, such that "the bark remains, but the bite does not." Cuomo, in a statement, called the ruling "a huge win forconsumers across the nation," saying it reaffirms the role ofstate attorneys general "in protecting consumers from illegaland improper practices by our country's biggest and mostpowerful banks." The Clearing House Association LLC, a group of big bankssupporting the OCC rule, was "disappointed that the principleof uniformity in national bank enforcement has been breached,"according to a spokesman.
Comptroller of the Currency John Dugan said he wasdisappointed but his agency would work with the states toensure fair access to financial services and consumerprotections ".. astrosdaily . everyone benefits from clarification of thelaw," Dugan said in a statement craig biggio signed baseball . REVIVES PROBE Cuomo was trying to revive a probe begun in 2005 by hispredecessor, Eliot Spitzer, into possible racial discriminationin mortgage lending houston astros . Spitzer sent letters of inquiry to mortgage providersincluding Citigroup Inc (C.N), HSBC Holdings Plc (HSBA.L),JPMorgan Chase & Co (JPM.N) and Wells Fargo & Co (WFC.N) inresponse to data he said appeared to show a significantlyhigher percentage of high-interest home mortgage loans issuedto black and Hispanic borrowers than to white borrowers jeff bagwell .
Two lower federal courts ruled against Cuomo, whose appealwon support from the other 49 states and Washington, D.C baseball tickets . Cuomo contended that the economic crisis, due in large partto reckless subprime mortgage lending, has shown the need formore regulatory oversight and consumer protection craig biggio autographed baseball . Spitzer told Reuters by telephone that his office wasdriven to pursue the case because of concerns about disparatelending practices and concerns that subprime debt was becomingpervasive craig biggio signed baseball . "Obviously, it's a little late to forestall thecataclysm that emerged when the subprime debt fuse finallyexploded," Spitzer said . "As we look forward, this is a good thing for states to beable to ask the questions and get the information fromnationally chartered banks as well as state chartered banks." BULLY PULPIT The ruling is a "serious loss for the banking industry,"and also gives attorneys general a "bully pulpit." said JamesCox, a securities law professor at Duke University. "Evenwithout subpoena power they can still hold press conferencesand take steps to swing public opinion." Groups representing real estate agents, state bankofficials, and consumer and civil rights organizationssupported Cuomo's appeal. Monday's ruling "is a victory for taxpayers, who havesuffered enormously as a result of abusive business practicesin all types of lending," said Michael Calhoun, president ofthe Center for Responsible Lending.
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