wait they were discriminated against because they were granted mortgages?
Freepers need to be familiar with subject matter. Subprime loans were suppose to be used on minorities who cannot qualify under standard criterias. Getting the loan comes with a price for the applicant. Higher fees and interest rate. Many black borrowers did not need subprime loans because they had the income and credit history. Bankers told them that they did not qualify for conventional loans and their best chance to get a mortgage is a subprime one. Bankers pocketed higher fees and quickly sold it to the FMFM within six months. Also bankers encouraged many black borrowers who qualfied for small conventional loans to take on the larger subprime because of the lax documentation to buy the house of their dreams with the perception that real estate prices will keep going up and up. In essense the minority borrower was dumb and the mortgage banker was unscrupulous. The trials will shake all this info out into the openning. Gov and minorities will look stupid and the bankers will look criminal.