Loan probe to examine redlining.THE STUDENT LOAN INDUSTRY INVESTIGATION BEGAN WITH A FOCUS ON COLLEGE AND university tending practices, but the probe has expanded into the tenders themselves. At press time, Senate Banking Committee Chairman Chris Dodd (D-Conn.), Chairman of the House Education Committee George Miller (D-Calif.), and New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Attorney General Andrew Cuomo announced they would took into allegations that private tending firms may have engaged in "redlining" practices that discriminate against minority students. Redlining refers to an illegal practice in the mortgage industry in which tenders set less favorable rates to people based on their race. Miller said his probe would determine whether a similar practice affected students at predominantly minority colleges, such as historically black colleges and universities Historically black colleges and universities (HBCUs) are institutions of higher education in the United States that were established before 1964 with the intention of serving the African American community. They are often liberal arts colleges or universities. . Miller said Sallie Mae Sallie Mae: see SLM Corporation. , Wells Fargo & Co., Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. Corp., Citigroup, JPMorgan Chase & Co., Wachovia Corp., SunTrust Banks Inc., PNC Financial Services PNC Financial Services (NYSE: PNC) is a U.S.-based financial services corporation, with assets of $92.0 billion. PNC operations include a regional banking franchise operating primarily in eight states and the District of Columbia, specialized financial businesses serving Group Inc., Regions Financial Corp., Student Loan Xpress, and others have been contacted for information. |
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