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NAACP says bank giants steered blacks to bad loans
AP via Yahoo ^ | March 13, 2009 | Jesse Washington

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 ...


TOPICS: News/Current Events
KEYWORDS: complainers; crybabies; oppression; thatsracist
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To: kddid
As pushed and threatened by the DemocRATs in congress.

Issue the bad loans or lose your license to do business.

O’yeah it is the banks fault!

81 posted on 03/13/2009 8:05:48 AM PDT by BillT (New Executive Order to abolish the WS Constitution to be signed to save the US Constitution)
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To: kddid

Probably the only loan program most could qualify for and the banks couldn’t turn them down. And another thing, a lot of the people I encounter at banks these days are “minorities” themselves.

Born with a chip on their shoulder. Perpetually unhappy with themselves and everything and everybody else, perpetually discriminated against...it is all about something for nothing.

Reality and truth are hard things to face.


82 posted on 03/13/2009 8:10:10 AM PDT by Sequoyah101 (Get the bats and light the hay)
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To: Mac from Cleveland

And I’m supposed to feel sorry for those people? NOT!!!!


83 posted on 03/13/2009 8:11:01 AM PDT by gieriscm (07 FFL / 02 SOT - www.extremefirepower.com)
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To: WayneS

No, actually the film is of the bankers being led into NAACP headquarters with a gun against THEIR heads.

Their game has always been the same; whine ‘til they get what they want, then whine ‘cause they’re tired of it, then destroy it - just like any other spoiled, rotten brat.

I wish I could dig Abe Lincoln up and kick his A$$.


84 posted on 03/13/2009 8:21:27 AM PDT by catchem (NEVER UNDERESTIMATE THE STUPIDITY OF THE AMERICAN VOTER.)
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To: gieriscm

Boggles the mind, doesn’t it?


85 posted on 03/13/2009 8:25:05 AM PDT by Mac from Cleveland (How to make a small fortune in the Obama era--first, start off with a big fortune....)
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To: kddid


86 posted on 03/13/2009 8:52:23 AM PDT by Arrowhead1952 (It took almost 250 years to make the USA great and 30 days for BO to tear it down.)
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To: kddid

87 posted on 03/13/2009 8:57:31 AM PDT by Revolting cat! (Let us prey!)
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To: kddid

ping


88 posted on 03/13/2009 8:58:11 AM PDT by QBFimi (When gunpowder speaks, beasts listen.)
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To: kddid

ping


89 posted on 03/13/2009 8:59:00 AM PDT by QBFimi (When gunpowder speaks, beasts listen.)
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To: domenad

What did they ask?


90 posted on 03/13/2009 9:29:43 AM PDT by Eagles6 ( Typical White Guy: Christian, Constitutionalist, Heterosexual, Redneck. (Let them eat arugula!))
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To: kddid

Ironically enough, these are two of the healthier banks out there, largely because they did a good job avoiding exposure to the reckless subprime loans other banks made. No way there could be a connection...


91 posted on 03/13/2009 12:37:52 PM PDT by Arguendo
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To: kddid

The butcher steered the cats to rotten fish.


92 posted on 03/13/2009 12:40:14 PM PDT by anton
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To: kddid
FRANKLIN RAINES

FRANKLIN RAINES

FRANKLIN RAINES

Man of color profits WILDLY from Fannie and Freddie!

93 posted on 03/13/2009 12:48:48 PM PDT by tflabo
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To: TYVets
The NAACP is going to sue the banks because whites paid higher interest rates?

A sub-prime mortgage carries a higher interest rate than a prime mortgage.

Sub-prime mortgage

94 posted on 03/13/2009 2:50:26 PM PDT by cowboyway ("The beauty of the Second Amendment is you won't need it until they try to take it away"--Jefferson)
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To: Niteranger68

Re: “Is the NAACP saying blacks are stupid?”

******************

OK........Where’s that pic of the little black kid saying “That’s racist?”


95 posted on 03/13/2009 2:53:39 PM PDT by CaliforniaCon
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To: cowboyway
A sub-prime mortgage carries a higher interest rate than a prime mortgage.

Thank you for taking the time to enlighten me.

96 posted on 03/13/2009 3:34:24 PM PDT by TYVets
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To: mortal19440
Psssst - .gov most certainly did import certain recreational drugs - they need the money to guide the collapse of the USSR - without it turning into WWIII)
97 posted on 03/13/2009 3:36:47 PM PDT by investigateworld ( Abortion stops a beating heart)
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