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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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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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To: dasboot

Isn’t it the qualifications of the loan applicant that determine the prime/sub-prime status?.......”

Yep!


51 posted on 03/13/2009 6:42:56 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: kddid
....and now, ladies and gentlemen, in this corner: THE RACE CARD! (cue music)
52 posted on 03/13/2009 6:43:24 AM PDT by SoFloFreeper
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To: outinyellowdogcountry
"They may settle out of court for a large donation to ACORN and NAACP. What do you bet?"

I bet you are right.

53 posted on 03/13/2009 6:44:30 AM PDT by Nathan Zachary
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To: kddid

Of course. Whitey made me do it. When will these people accept responsibility for their own actions and stop whining?


54 posted on 03/13/2009 6:45:30 AM PDT by wny
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To: kddid
Amara Weaver of Milwaukee bought her first home in 1984, receiving a 6.25 percent fixed-rate mortgage.

LIAR! There is no way anyone was getting a rate of 6.25% in 1984. Rates back then were between 11 and 14%, depending on the terms (ARM or fixed).

55 posted on 03/13/2009 6:45:43 AM PDT by 6SJ7 (Atlas Shrugged Mode: ON)
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To: Mase
They've created a culture of victimhood so it's no wonder self esteem is such a problem.

That would make them victimhoodlums.

56 posted on 03/13/2009 6:47:28 AM PDT by Roccus (The Capitol, the White House, the Court house.....................America's Axis of Evil!)
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To: Islander7
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

I just retired from my 29 yr job of mortgage loan officer with a large bank and you are incorrect on your assumption. There is a Federal requirement on loan documents to state Sex, Marital Status, and Race. This was implemented to fulfill CRA rules.

That being said, there is no way that any kind of coercion to a subprime loan was done to these people. Banks see green and loan officers mostly get paid on loans closed, so I don't think anyone is pushing them into bad loans. The most logical explanation is that they don't qualify for a conforming loan due to credit or income......this whole article disgusts me.

I never considered myself biased but if these people keep this up they are going to turn a lot of people against them,the backlash will be worse than before the Civil Rights act. They will see prejudice with a capital P. They are not helping their cause with this bs.

57 posted on 03/13/2009 6:47:32 AM PDT by estrogen (time to fight)
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To: kddid

News flash....banks sell loans...and they are color blind. They take advantage of every one equally.


58 posted on 03/13/2009 6:47:51 AM PDT by ThisLittleLightofMine
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To: stylin19a
"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 Poor "victim"! He feels "violated"! Un freakin' believable.

His cross examination would be funny to see.

59 posted on 03/13/2009 6:49:56 AM PDT by Nathan Zachary
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To: stylin19a

“I was blown away,” said Weaver, an NAACP member. “I didn’t have any choice (but to sign). ... It made me feel violated.”

Oh really???? Try living in an apartment, or move back in wit yo mama. I guess paying $950. a month for the Escalade may be taking a bite out of your monthly budget also.


60 posted on 03/13/2009 6:51:07 AM PDT by highnoon (How can the gov't run healthcare when they can't even handle the mail?)
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