The Department of Housing and Urban Development announced today that Bank of America will pay a $7,500 settlement (every little bit counts!) for denying a loan to a same-sex Florida couple trying to secure a Federal Housing Administration-insured mortgage. Via the news release:
Because one partner was not employed, the applicant enlisted her partner’s mother as a co-applicant on the loan. The couple worked with BOA for several weeks to provide all of the necessary loan application documents and the couple was assured by BOA that they were likely to receive a mortgage. One business day prior to closing, BOA denied the mortgage because it did not consider the loan applicant and the co-applicant directly related because the applicant and her partner were not married. As a result of BOA’s actions, the couple was not able to close on the loan.
BofA will also now update their lending training program to make it “equal access.” Too bad they didn’t heed the words of a top executive of the bank, who back in March said that a gay marriage ban would have “a disastrous effect” on business.