EveryJoe » mortgage-crisis http://www.everyjoe.com Sports News - Tech Reviews - Entertainment - Life Tips for EveryJoe Thu, 26 Nov 2009 23:30:07 +0000 http://wordpress.org/?v=2.8.4 en hourly 1 NAACP Sues Major Lenders http://www.everyjoe.com/articles/naacp-sues-major-lenders/ http://www.everyjoe.com/articles/naacp-sues-major-lenders/#comments Sat, 14 Mar 2009 02:09:57 +0000 Stephen Kersey http://www.bizzia.com/?p=15097 Post from: EveryJoe

NAACP Sues Major Lenders

]]> The NAACP filed lawsuits on Friday against HSBC and Wells Fargo, two of the largest mortgage lenders in the country. The suits, which were filed in U.S. District Court in central California, allege that the lenders gave subprime rates to African-Americans who qualified for better rates, and gave better rates to Caucasian customers with similar credit histories.

Image: sxc.hu

Image: sxc.hu

The lenders are accused of “systematic, institutionalized racism” in their sub-prime lending. The lawsuits are not seeking damages, rather they just want to see the books and have the problem fixed.

As expected, both companies are denying the allegations.

HSBC spokeswoman Kate Durham said the company does not comment on litigation, but she added, “We stand by our lending practices.”

Wells Fargo spokeswoman Melissa Murray issued a statement saying, “The NAACP’s allegations are totally unfounded and reckless. We have never tolerated, and will never tolerate, discrimination in any way, shape or form in any of our business practices, products, or services.”

Source: Wire Reports

Post from: EveryJoe

NAACP Sues Major Lenders

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