Skip to comments.NAACP says bank giants steered blacks to bad loans
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 ...
1. Create the current housing fiasco
2. Give taxpayer money to banks.
3. Minority groups sue the banks and get the taxpayers money.
The man did it- AGAIN! /s
Do they have video of people being led into banks at gunpoint?
How about this: “stupidity is a capital offense”.
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!
I didn't know Barney Fwanks was black.
“”Tighe estimated that “tens of thousands” of blacks had been forced into bad loans””
Forced? You mean they put a gun to their head?
Yea and the CIA brought Crack into the cities to hook the Blacks. Somebody raise the BS Flag.
Is the NAACP saying blacks are stupid?
I don’t believe this for a minute. The only color banks see is green.
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.
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.
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.
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.................
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?
He didn't con the black jews.
He forced them to 'invest' with him..........
OH for CRAP sake! Boo hoo...
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