U.S. Accuses Fireside Thrift of Loan Bias
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The U.S. Department of Justice has sued one of California’s largest thrift and loan companies, Fireside Thrift, accusing it of discrimination in making loans.
The civil suit, filed Wednesday in federal court in San Francisco, says Fireside refused to make loans--or made them on less favorable terms--to applicants on the basis of age and marital status. The complaint also said customers were discriminated against if their income came “from a public assistance program.”
Fireside denied the charges.
“We don’t believe the suit is meritorious, and we think it will be settled very quickly,” Fireside President Mark Schimbor said in a telephone interview from Redwood City, where the company is headquartered. “Our record is exemplary.”
Fireside has about $240 million in assets, making it California’s second-largest thrift and loan, and 72 offices throughout the state, Schimbor said.
Thrift and loans are consumer banks that lend money mainly for the purchase of cars and boats and for second mortgages.
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