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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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This is how you redistribute the wealth.

1. Create the current housing fiasco

2. Give taxpayer money to banks.

3. Minority groups sue the banks and get the taxpayers money.

1 posted on 03/13/2009 6:08:44 AM PDT by kddid
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To: kddid

http://www.freerepublic.com/focus/f-news/2205701/posts


2 posted on 03/13/2009 6:09:46 AM PDT by Doogle (USAF.68-73..8th TFW Ubon Thailand..never store a threat you should have eliminated))
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To: kddid

The man did it- AGAIN! /s


3 posted on 03/13/2009 6:09:58 AM PDT by exit82 (The Obama Cabinet: There was more brainpower on Gilligan's Island.)
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To: kddid

Do they have video of people being led into banks at gunpoint?


4 posted on 03/13/2009 6:10:46 AM PDT by WayneS (Respect the 2nd Amendment; Repeal the 16th)
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To: kddid

How about this: “stupidity is a capital offense”.

Sheesh.


5 posted on 03/13/2009 6:10:58 AM PDT by roaddog727 (Obama lied - the Economy died)
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To: kddid

It’s a foolproof plan: Sue the banks for not giving loans, and if the banks give in, you can sue them for actually giving the loans that they didn’t want to give in the first place!


6 posted on 03/13/2009 6:11:11 AM PDT by ClearCase_guy (American Revolution II -- overdue)
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To: kddid
...bank giants steered blacks to bad loans

I didn't know Barney Fwanks was black.

7 posted on 03/13/2009 6:13:01 AM PDT by Oldeconomybuyer (The problem with socialism is that you eventually run out of other people's money.)
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To: kddid

“”Tighe estimated that “tens of thousands” of blacks had been forced into bad loans””

Forced? You mean they put a gun to their head?


8 posted on 03/13/2009 6:13:16 AM PDT by Altura Ct.
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To: kddid

Yea and the CIA brought Crack into the cities to hook the Blacks. Somebody raise the BS Flag.


9 posted on 03/13/2009 6:13:24 AM PDT by mortal19440
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To: kddid

Is the NAACP saying blacks are stupid?


10 posted on 03/13/2009 6:13:40 AM PDT by Niteranger68 (Barter Now! (Starve our socialist government))
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To: kddid

I don’t believe this for a minute. The only color banks see is green.


11 posted on 03/13/2009 6:13:46 AM PDT by SunTzuWu
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To: kddid

Another example of Coulter’s thesis in “Guilty”.

Those who are perpetrating the harm declare themselves to be victims.

Just tell us that we’re responsible when someone who KNOWS they can’t afford a 200k - 500k house on a welfare check or even on a 30k income gets a loan they KNOW they can’t pay back. Or better yet, LIES about their income and assets in order to get a loan they know they can’t pay back.

Just tell us that and call us racists when we call you on it.

SICK OF IT.


12 posted on 03/13/2009 6:13:47 AM PDT by MrB (The 0bamanation: Marxism, Infanticide, Appeasement, Depression, Thuggery, and Censorship)
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To: kddid

bookmark


13 posted on 03/13/2009 6:16:12 AM PDT by Free Vulcan (No prisoners. No mercy. 2010 awaits.....)
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To: Altura Ct.

Here’s another example of the way the left views “power”.

We believe that when someone exerts “power” over another individual, it involves coercion and REDUCED choices.

The left believes that someone is exerting “power” over another person when MORE options are provided, “steering” the person to a more attractive option than they had before.

THIS is how banks “FORCED” people to take these loans.


14 posted on 03/13/2009 6:16:15 AM PDT by MrB (The 0bamanation: Marxism, Infanticide, Appeasement, Depression, Thuggery, and Censorship)
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To: kddid

It was the free fried chicken, bbq chips, and grape soda they handed out that lured them to sign. Damn racist banks! They only conned blacks and no one else. Next up for the NAALCP is to wage war against Bernie Madoff for conning black jews.


15 posted on 03/13/2009 6:16:27 AM PDT by MAD-AS-HELL (Hope and Change. Rhetoric embraced by the Insane - Obama, The Chump in Charge)
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To: kddid
They've created a culture of victimhood so it's no wonder self esteem is such a problem. Good thing we're living in a post racist America.
16 posted on 03/13/2009 6:16:59 AM PDT by Mase (Save me from the people who would save me from myself!)
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To: kddid
Tighe estimated that "tens of thousands" of blacks had been forced into bad loans

Will blacks ever lose their slave mentality and become self accountable?

If I was black, this type of action by this antiquated 'association' would be embarrassing.................

17 posted on 03/13/2009 6:17:52 AM 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: kddid
"The NAACP is accusing Wells Fargo and HSBC of forcing blacks into subprime mortgages while whites with identical qualifications got lower rates."

What a load of crap. It was ACORN's thugs and Democrat "incentives" that FORCED banks to issue loans to unqualified minorities with little or no proof of income.

Won't it be nice when all this Democrat collusion comes out in court? Who want's to bet this case will be swept under the rug before it gets that far?

18 posted on 03/13/2009 6:18:58 AM PDT by Nathan Zachary
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To: MAD-AS-HELL
Next up for the NAALCP is to wage war against Bernie Madoff for conning black jews.

He didn't con the black jews.

He forced them to 'invest' with him..........

19 posted on 03/13/2009 6:19:35 AM 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: kddid

OH for CRAP sake! Boo hoo...


20 posted on 03/13/2009 6:20:09 AM PDT by matginzac
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To: kddid
Oh, but it was OK to force the banks over the past how many years to issue subprime loans to minorities with no credit, no down payment, no reliable income.

Darned if you do, darned if you don't.

21 posted on 03/13/2009 6:20:59 AM PDT by 3catsanadog (I plan to give the new President the same respect and dignity the other side gave Bush.)
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To: kddid

I can definitely believe Wells Fargo did this. I personally had them ask me to do some patently illegal things to qualify for a loan.


22 posted on 03/13/2009 6:21:03 AM PDT by domenad (In all things, in all ways, at all times, let honor guide me.)
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To: kddid

yeah Frank and Dodd had absolutely nothing to do with it..

(tell me the NCAAP didn’t get a phone call)


23 posted on 03/13/2009 6:21:43 AM PDT by Doogle (USAF.68-73..8th TFW Ubon Thailand..never store a threat you should have eliminated))
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To: ClearCase_guy
"It’s a foolproof plan: Sue the banks for not giving loans, and if the banks give in, you can sue them for actually giving the loans that they didn’t want to give in the first place!"

You got it! ACORN'S "community organizing" in action.

24 posted on 03/13/2009 6:21:53 AM PDT by Nathan Zachary
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To: Oldeconomybuyer

“...bank giants steered blacks to bad loans

I didn’t know Barney Fwanks was black. “

Barney may have to use his... Maxine Waters card.


25 posted on 03/13/2009 6:22:00 AM PDT by This_far
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To: kddid

I am so blankety-blank tired of hearing this excuse I want to scream! No one, nobody, no way, no how forced these people to accept the loans. Unless someone physically grasped their fingers, put a pen in them and forced it across the signature line they got themselves into a mortgage agreement on their own.

The NAACP makes black folks sound like they are children and must be led around by the hand with someone else to make all the life decisions for them.


26 posted on 03/13/2009 6:22:06 AM PDT by whatshotandwhatsnot
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To: MAD-AS-HELL
Let me get this straight.

Bank You must loan to blacks to buy homes they don't qualify.

Customer what payment can you afford?

The only way to get to that payment is a sub-prime loan

Fine lets do it.

NAACP sues.

How about going back to the right way 1. Credit history

2. Down Payment of at 15 %. Proof of income.

Oh but they couldn't get a house.

27 posted on 03/13/2009 6:22:11 AM PDT by scooby321
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To: kddid

***but said it was difficult to gauge the scope of the problem because banks keep much of their internal data private.***

Sounds like still another witch hunt.

And the woman who discovered at closing that her interest rate was to be 11 percent should have had an attorney to present the closing statement to her BEFORE closing, and if she did, she should be suing her attorney, not the bank.


28 posted on 03/13/2009 6:22:14 AM PDT by kitkat
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To: kddid
This is BS. The banks need to fight this stuff. The NAACP needs to show proof that these people were "forced" into taking out these mortgages. Same old scam.
29 posted on 03/13/2009 6:22:24 AM PDT by Major Matt Mason (The Kenyan Keynesian will bankrupt this nation.)
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To: kddid

#4. War if #3 happens


30 posted on 03/13/2009 6:22:30 AM PDT by SueRae
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To: kddid
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,

Where's that flashing BS meter? This clown does not have access to the financial records. Also, there is no way to tell who is 'white' vs 'black'.

That information is NOT recorded on loan documents.

31 posted on 03/13/2009 6:22:32 AM PDT by Islander7 (If you want to anger conservatives, lie to them. If you want to anger liberals, tell them the truth.)
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To: Niteranger68

The NAACP needs to find someone who really cares about their inability to read the paper before you sign your name!

I think America should sue the NAACP for improper use of Taxpayer money.


32 posted on 03/13/2009 6:22:50 AM PDT by EnglishOnly (Fight all out to win OR get out now.)
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To: Doogle

NAACP...WELL THEM TOO...*GRINS*


33 posted on 03/13/2009 6:23:44 AM PDT by Doogle (USAF.68-73..8th TFW Ubon Thailand..never store a threat you should have eliminated))
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To: MrB

You are spot on, I can’t ever remember being forced to buy something the seller knew I couldn’t pay for. Also, I have never bought into anything I KNEW I couldn’t pay for. Sometimes I knew I’d have to tighten the belt to pay for it


34 posted on 03/13/2009 6:24:07 AM PDT by Quickgun
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To: Islander7
Oh, don't you know that the evidence of disparate outcome is PROOF of racism?

Blacks still were disproportionately steered into subprime loans when their credit scores, income and down payment were equal to those of white homebuyers

I demand PROOF of this assertion. It makes no sense.

35 posted on 03/13/2009 6:24:28 AM PDT by MrB (The 0bamanation: Marxism, Infanticide, Appeasement, Depression, Thuggery, and Censorship)
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To: Quickgun

If it’s my money I’m lending, I’m going to make sure the person is capable and probable of paying me back.

However, if someone ELSE tells me that they’ll buy this loan from me with no risk to me, well, I’ll take my commission and let them have it.

Or, if I’m under coercion that my business will be shut down, I might just have to make it a business expense to make a bad loan hear and there. I’ll end up charging the good customers more to make up for it though.

It’s too bad that the majority of Americans have been so INTENTIONALLY DUMBED DOWN that they can’t make these logical analyses of the assertions.


36 posted on 03/13/2009 6:27:50 AM PDT by MrB (The 0bamanation: Marxism, Infanticide, Appeasement, Depression, Thuggery, and Censorship)
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To: kddid
"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. . .

Are these idiots trying to say that these "victims" didn't even show up in person and talk to a loan officer? They received a loan via the mail?

How are federal bailout loans being spent... Paying for the loans these "victims" defaulted on?

This is one idiotic law suit. But what do you expect from the NAACP, who's black lawyers were automatically "graduated" from law school, and the "passing the bar" test consisted of walking past the bar without going in.

37 posted on 03/13/2009 6:28:46 AM PDT by Nathan Zachary
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To: kddid
The NAACP is accusing Wells Fargo and HSBC of forcing blacks into subprime mortgages while whites with identical qualifications got lower rates....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.

A study done at Howard University reveals that the net worth of black families, on average, is only a fraction of that of white families (16% as of 1998.) So, while credit scores, income, and down payment might be equal, the net worth of the applicant might be very different. The net assets of a borrower effectively act as collateral for the bank. People with more collateral are going to get a lower interest rate. That's Economics 101, Week 1.

38 posted on 03/13/2009 6:28:56 AM PDT by TruthShallSetYouFree (Abortion is to family planning what bankruptcy is to financial planning.)
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To: Islander7
Isn't it the qualifications of the loan applicant that determine the prime/sub-prime status? How can one be ‘steered’ to a ‘sub-prime’, when one's lack of financial wherewithal creates such an instrument, exclusively?
39 posted on 03/13/2009 6:30:29 AM PDT by dasboot
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To: MrB

without a lawsuit, how does the NCAA know “ The NAACP is accusing Wells Fargo and HSBC of forcing blacks into subprime mortgages while whites with identical qualifications got lower rates.” Income, Credit history and job history , down payment and price of home they were buying or is this a drive by statement


40 posted on 03/13/2009 6:30:44 AM PDT by scooby321
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To: kddid
"I signed dis no-money-down mortgage, lost my mofo crib, ands all I got was did 'Ownership' medal from Pfresident Bush."


41 posted on 03/13/2009 6:33:40 AM PDT by Leisler
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To: ClearCase_guy
It’s a foolproof plan: Sue the banks for not giving loans, and if the banks give in, you can sue them for actually giving the loans that they didn’t want to give in the first place!

Exactly. The useful idiots, community agitators, cunning co-conspirators, pusillanimous propagandists lap this stuff up.

42 posted on 03/13/2009 6:34:14 AM PDT by PGalt
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To: scooby321

It is an outright lie.

Would any business take a loss in order to satisfy its “racist” tendencies?


43 posted on 03/13/2009 6:34:39 AM PDT by MrB (The 0bamanation: Marxism, Infanticide, Appeasement, Depression, Thuggery, and Censorship)
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To: kddid

The white people trusted us. RACISTS!


44 posted on 03/13/2009 6:36:24 AM PDT by rightwinggoth
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To: kddid

And if the banks had denied loans these groups would have cried racism. The loans are given and they cry racism. They wake up in the morning and they cry racism. Their whole purpose in life is to wail about racism where there is none.


45 posted on 03/13/2009 6:36:36 AM PDT by Leftism is Mentally Deranged (liberalism is self-loathing despair)
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To: whatshotandwhatsnot
"The NAACP makes black folks sound like they are children and must be led around by the hand with someone else to make all the life decisions for them."

I can't wait till they sue the Democrat party for "forcing" blacks to depend on the government to do everything for them.

46 posted on 03/13/2009 6:39:30 AM PDT by Nathan Zachary
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To: Nathan Zachary

They may settle out of court for a large donation to ACORN and NAACP. What do you bet?


47 posted on 03/13/2009 6:39:33 AM PDT by outinyellowdogcountry
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To: kddid

That’s having your cake and eating it too, isn’t it?

“I’m too stupid to be responsible, but smart enough to demand my rights...”

“Don’t expect me to contribute, but give me my share”


48 posted on 03/13/2009 6:39:41 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
"I was blown away," said Weaver, an NAACP member. "I didn't have any choice (but to sign). ... It made me feel violated."

no choice ? yeah, use this as the lead case
49 posted on 03/13/2009 6:41:31 AM PDT by stylin19a (Obama - the ethical exception asterisk administration)
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To: kddid

Banks don’t make bad loans. Idiots who sign the agreement without understanding it and then don’t pay them back do.


50 posted on 03/13/2009 6:41:40 AM PDT by SlowBoat407 (Obama had to destroy the economy in order to save it.)
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