whomper Posted March 14, 2009 Share Posted March 14, 2009 Link NAACP sues mortgage lenders, alleging racismStory Highlights NAACP lawsuits accuse HSBC, Wells Fargo of "systematic, institutionalized racism" Both companies deny allegations of racism in subprime lending Suits: Firms gave subprime rates to African-Americans who qualified for better rates (CNN) -- The NAACP filed lawsuits Friday against two of the nation's largest mortgage lenders -- HSBC and Wells Fargo -- alleging "systematic, institutionalized racism" in their subprime lending. NAACP CEO Benjamin Jealous says, "We are not seeking damages; we just want them to fix the problem." "We have targeted these banks because we have gone through what we can get our hands on, and it seems like there's a real problem here," NAACP CEO Benjamin Jealous told CNN. Jealous said the group wants "transparency." "We want to see the books," he added. "We are not seeking damages; we just want them to fix the problem." Both companies denied the allegations. HSBC spokeswoman Kate Durham said the company does not comment on litigation, but she said, "We stand by our lending practices." In a statement, Wells Fargo spokeswoman Melissa Murray said, "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." She added that the company has been "working with the NAACP for the past two years to develop a partnership that would benefit the NAACP, its constituents and our communities, so we are dismayed that the NAACP has chosen to abandon that constructive dialogue in order to pursue this litigation." Under subprime lending, people who don't qualify for lower interest rates can borrow money at higher rates. The NAACP argues that the companies gave subprime rates to African-Americans who qualified for better rates and gave better rates to white customers with similar credit histories. The lawsuits note studies showing African-Americans have been disproportionately affected by subprime lending. But that's not solely because of intentional efforts to target African-Americans, according to the lawsuits. "These statistical disparities are not mere happenstance, but instead result from the systematic and predatory targeting of African-Americans, as well as facially neutral lending policies and practices that have a disparate adverse impact on African-Americans," said the lawsuits, which were filed in U.S. District Court for the Central District of California. The NAACP has launched similar suits against numerous other lenders. In its statement Friday, the nation's oldest civil rights group said, "One lender has already entered into a preliminary settlement agreement with the NAACP, and a number of other lenders are engaged in similar discussions." Quote Link to comment Share on other sites More sharing options...
polksalet Posted March 14, 2009 Share Posted March 14, 2009 I love racism, it is just too cool.. "Don't give blacks loans they can't pay back and you are racist" "Give blacks loans they can't pay back and you are racist" Change we can believe in Quote Link to comment Share on other sites More sharing options...
Clubfoothead Posted March 14, 2009 Share Posted March 14, 2009 About time Quote Link to comment Share on other sites More sharing options...
Shorttynaz Posted March 15, 2009 Share Posted March 15, 2009 My question is: HOW ARE THESE LENDERS SUPPOSED TO KNOW YOUR SKIN COLOR? They are required to ask, but the borrower is not required to answer. So don't answer! And if it's your name that gives it away, well then STOP naming your kids Shaneeqwa or Shaquille! Ugh.. The NAACP has to be one of the biggest racist organizations out there. I mean seriously. There was a black woman that I used to work with. She was ultimately let go cause she was not at all productive and sat and surfed on the internet all day!! What did she do?? She contacted the locak NAACP and THEY SUED the company stating that she was being discriminated against due to her skin color. What was the ultimate result? To avoid negative publicity the company gave her her job back and SHE STARTED SURFING THE INTERNET AGAIN - NOT DOING HER WORK!!!!!!!!!!!!!!!!!!!!! Seriously people!! Quote Link to comment Share on other sites More sharing options...
BeeR Posted March 15, 2009 Share Posted March 15, 2009 I love racism, it is just too cool.. "Don't give blacks loans they can't pay back and you are racist" "Give blacks loans they can't pay back and you are racist" Change we can believe in word up bro My question is: HOW ARE THESE LENDERS SUPPOSED TO KNOW YOUR SKIN COLOR? They are required to ask, but the borrower is not required to answer. So don't answer! And if it's your name that gives it away, well then STOP naming your kids Shaneeqwa or Shaquille! Ugh.. The NAACP has to be one of the biggest racist organizations out there. I mean seriously. There was a black woman that I used to work with. She was ultimately let go cause she was not at all productive and sat and surfed on the internet all day!! What did she do?? She contacted the locak NAACP and THEY SUED the company stating that she was being discriminated against due to her skin color. What was the ultimate result? To avoid negative publicity the company gave her her job back and SHE STARTED SURFING THE INTERNET AGAIN - NOT DOING HER WORK!!!!!!!!!!!!!!!!!!!!! Seriously people!! Don't try to confuse the issue w/facts you racist. I'm tellin Sharpton on you. Quote Link to comment Share on other sites More sharing options...
Yukon Cornelius Posted March 15, 2009 Share Posted March 15, 2009 is this bigot hangout ? Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted March 15, 2009 Share Posted March 15, 2009 is this bigot hangout ? Only when BeeR gets here. He's shooting for Huddle Total Dolt of the Decade. Quote Link to comment Share on other sites More sharing options...
bushwacked Posted March 15, 2009 Share Posted March 15, 2009 He's shooting for Huddle Total Dolt of the Decade. You're being generous. Quote Link to comment Share on other sites More sharing options...
Azazello1313 Posted March 15, 2009 Share Posted March 15, 2009 NAACP CEO Benjamin Jealous really? I have to say, that is an unfortunate name for someone heading up a grievance politics organization. Quote Link to comment Share on other sites More sharing options...
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