SOURCE: GFI Mortgage Bankers

GFI Mortgage Bankers

June 04, 2012 08:25 ET

GFI Mortgage Bankers Files Motion to Dismiss DOJ Fair Lending Suit

NEW YORK, NY--(Marketwire - Jun 4, 2012) - GFI Mortgage Bankers (GFI) has filed a motion seeking dismissal of a Department of Justice (DOJ) lawsuit against GFI related to GFI's pricing of loans. The motion, filed on June 1, 2012, is available at http://bit.ly/JBp5GG.

GFI seeks dismissal of DOJ's complaint as it relies on the controversial disparate impact discrimination theory that, as the U.S. Supreme Court recently made clear, cannot be applied to lawsuits brought under the laws DOJ relies on -- the Fair Housing Act (FHA) and the Equal Credit Opportunity Act (ECOA) -- as Congress did not expressly allow for such claims when it passed those laws. GFI also challenges DOJ's claim that GFI's longstanding practice of allowing limited discretion to its employees in pricing loans is a discriminatory policy.

"This lawsuit advances very aggressive and untested enforcement theories," said Andrew L. Sandler, Chairman and Executive Partner of BuckleySandler LLP and lead defense counsel for GFI. "We look forward to the opportunity to challenge DOJ's flawed legal theories and factual allegations in a courtroom, rather than continuing to see DOJ advance these theories on an uncontested basis solely through settlements and press releases."

As GFI vigorously defends this lawsuit, it will continue to execute on its 30-year business strategy to bring reasonably priced prime mortgage loans to homeowners and aspiring homeowners throughout the market areas it services.

Headquartered in downtown Manhattan, GFI Mortgage Bankers (GFI) has offered residential clients a partner in their home buying process since 1983. Beginning as a neighborhood lender, GFI has grown to be one of the largest licensed home mortgage firms, funding over $1 billion in mortgages annually. GFI's highly trained mortgage professionals take a hands-on approach to every transaction, working directly with real estate brokers, developers and attorneys for timely approvals and closings, while conveniently providing in-house processing, underwriting and closing support. GFI is an equal housing lender, licensed in NY, NJ, CT, PA and FL Banking Depts. MLS #7103. http://gfimortgage.com/

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