The Philadelphia branch of the National Association for the Advancement of Colored People and Cendant Mortgage yesterday announced the resolution of a lawsuit over allegations that the lender excluded African-American neighborhoods from its marketing and rejected black applicants twice as often as it turned away whites.
The settlement commits Cendant and the local NAACP to an “affinity relationship” that is expected to result in at least $15 million in mortgage loans being released over the next three years. Cendant has promised to provide mortgage services to loan candidates assisted by the Next Generation Community Development Corp., an entity set up by the local NAACP.
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