NAACP Lawsuit: Banks Steered Qualified Black Buyers Into Subprime Mortgages


	NAACP Lawsuit: Banks Steered Qualified Black Buyers Into Subprime Mortgages

Anomaly100

3-15-2009 10:04 PM

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tags:

naacp lawsuit, subprime mortgages, black buyers

Anomaly100 says:

Shame!!! Shame on those banks...AGAIN! Ever think we'll see the word, "bank" and it will be a good story? About something decent? Nah!

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/030efae0-df7c-40ab-85cf-a1ae99143e6e/B6F8750B-C6F8-46FE-89C5-74D8CBACCA4F/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://crooksandliars.com/susie-madrak/naacp-lawsuit-banks-steered-qualified" href="http://crooksandliars.com/susie-madrak/naacp-lawsuit-banks-steered-qualified" style="font-size: 11px;">crooksandliars.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://crooksandliars.com/susie-madrak/naacp-lawsuit-banks-steered-qualified"><P>The NAACP is accusing Wells Fargo and HSBC of forcing blacks into subprime mortgages while whites with identical qualifications got lower rates.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://crooksandliars.com/susie-madrak/naacp-lawsuit-banks-steered-qualified"><P>Black homebuyers have been 3½ 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. <STRONG>Blacks still were disproportionately steered into subprime loans when their credit scores, income and down payment were equal to those of white homebuyers,</STRONG> he said.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://crooksandliars.com/susie-madrak/naacp-lawsuit-banks-steered-qualified"><P>Melissa Murray, vice president of corporate communications for Wells Fargo & Co., called the lawsuit "totally unfounded and reckless." The bank is receiving federal bailout funds.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://crooksandliars.com/susie-madrak/naacp-lawsuit-banks-steered-qualified"><STRONG>"This is systematic, institutionalized racism," Tighe said. "Once you take out factors relative to income and credit risk, the only difference between the borrowers is the color of their skin."</STRONG></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/B6F8750B-C6F8-46FE-89C5-74D8CBACCA4F/blog/" title="blog or email this clip"><img src="http://content7.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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