Beneficial Mutual Bancorp in Philadelphia is the subject of a governmental
investigation into its residential real estate lending.
The Department of Justice's probe will postpone the mutual thrift's plans to
convert to a stock-owned organization. The investigation is being conducted
under "the Equal Credit Opportunity Act and the Fair Housing Act," Beneficial
The company said the Federal Deposit Insurance Corp. made a referral to the
Justice Department about its origination of home equity and residential mortgage
loans. A spokesman for the FDIC declined to confirm whether it made a referral.