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 ...
Issue the bad loans or lose your license to do business.
O’yeah it is the banks fault!
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.
And I’m supposed to feel sorry for those people? NOT!!!!
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$$.
Boggles the mind, doesn’t it?
ping
ping
What did they ask?
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...
The butcher steered the cats to rotten fish.
FRANKLIN RAINES
FRANKLIN RAINES
Man of color profits WILDLY from Fannie and Freddie!
A sub-prime mortgage carries a higher interest rate than a prime mortgage.
Re: “Is the NAACP saying blacks are stupid?”
******************
OK........Where’s that pic of the little black kid saying “That’s racist?”
Thank you for taking the time to enlighten me.
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