Posted on 03/13/2009 6:08:44 AM PDT by kddid
The NAACP is accusing Wells Fargo and HSBC of forcing blacks into subprime mortgages while whites with identical qualifications got lower rates.
Class-action lawsuits will be filed against the banks Friday in federal court in Los Angeles, Austin Tighe, co-lead counsel for the National Association for the Advancement of Colored People, told The Associated Press.
Black homebuyers have been 3 1/2 times more likely to receive a subprime loan than white borrowers, and six times more likely to get a subprime rate when refinancing, Tighe said. Blacks still were disproportionately steered into subprime loans when their credit scores, income and down payment were equal to those of white homebuyers, he said. . . . Tighe estimated that "tens of thousands" of blacks had been forced into bad loans, but said it was difficult to gauge the scope of the problem because banks keep much of their internal data private. The lawsuits could force banks to divulge closely guarded information, such as how banks can determine the race of a loan applicant and how federal bailout funds are being spent. . .
(Excerpt) Read more at biz.yahoo.com ...
Exactly. The useful idiots, community agitators, cunning co-conspirators, pusillanimous propagandists lap this stuff up.
It is an outright lie.
Would any business take a loss in order to satisfy its “racist” tendencies?
The white people trusted us. RACISTS!
And if the banks had denied loans these groups would have cried racism. The loans are given and they cry racism. They wake up in the morning and they cry racism. Their whole purpose in life is to wail about racism where there is none.
I can't wait till they sue the Democrat party for "forcing" blacks to depend on the government to do everything for them.
They may settle out of court for a large donation to ACORN and NAACP. What do you bet?
That’s having your cake and eating it too, isn’t it?
“I’m too stupid to be responsible, but smart enough to demand my rights...”
“Don’t expect me to contribute, but give me my share”
Banks don’t make bad loans. Idiots who sign the agreement without understanding it and then don’t pay them back do.
Isn’t it the qualifications of the loan applicant that determine the prime/sub-prime status?.......”
Yep!
I bet you are right.
Of course. Whitey made me do it. When will these people accept responsibility for their own actions and stop whining?
LIAR! There is no way anyone was getting a rate of 6.25% in 1984. Rates back then were between 11 and 14%, depending on the terms (ARM or fixed).
That would make them victimhoodlums.
I just retired from my 29 yr job of mortgage loan officer with a large bank and you are incorrect on your assumption. There is a Federal requirement on loan documents to state Sex, Marital Status, and Race. This was implemented to fulfill CRA rules.
That being said, there is no way that any kind of coercion to a subprime loan was done to these people. Banks see green and loan officers mostly get paid on loans closed, so I don't think anyone is pushing them into bad loans. The most logical explanation is that they don't qualify for a conforming loan due to credit or income......this whole article disgusts me.
I never considered myself biased but if these people keep this up they are going to turn a lot of people against them,the backlash will be worse than before the Civil Rights act. They will see prejudice with a capital P. They are not helping their cause with this bs.
News flash....banks sell loans...and they are color blind. They take advantage of every one equally.
no choice ? yeah, use this as the lead case Poor "victim"! He feels "violated"! Un freakin' believable.
His cross examination would be funny to see.
“I was blown away,” said Weaver, an NAACP member. “I didn’t have any choice (but to sign). ... It made me feel violated.”
Oh really???? Try living in an apartment, or move back in wit yo mama. I guess paying $950. a month for the Escalade may be taking a bite out of your monthly budget also.
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