
Spitzer’s office initiated its inquiry last year after reviewing the federal Home Mortgage Disclosure Act ("HMDA") data showing that Countrywide’s black and Latino customers were more likely than its white customers to receive high-priced loans in New York in 2004. Spitzer’s office commissioned expert statistical analyses to determine whether these pricing differences could be explained by legitimate factors, such as borrower credit scores or outstanding debts. The Attorney General concluded that, although such factors accounted for much of the disparity, on average black and Latino borrowers still paid more than whites for their mortgage loans, especially for loans generated by mortgage brokers.