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Wells Fargo and HBSC sued for mortgage discrimination




The NAACP is accusing Wells Fargo and HSBC of forcing blacks into subprime mortgages while whites with identical qualifications got lower rates and plan Class-action lawsuits Friday in federal court in Los Angeles.

Blacks were given these subprime mortgages regardless of their credit standing.

Read Full Story: http://www.letstalkhonestly.com/blacknewsblackview...

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gunghoguy
gunghoguy

Male, Age Private, New York, NY

Posted March 15, 2009


this is the kind of naacp we need in this day and time.

thanks mr todd jealous. you are truely a breath of fresh air.


Deacon_John
Deacon_John

Male, 53, Staten Island, NY

Posted March 16, 2009


This story does have merit, and needs to be told, however there are more people involved in steering, specifically at the local level. The real estate agents and their psuedo networks of lawyers and appraisers are just as guilty if not more so. They are the ones who initially decide where to send the loan application and credit information. As a prime example, during my first home-buying experience, it was apparent (after the fact) that the real estate agent k exactly who would get my application. He was even so kind as to "help me out" with the name of an inexpensive lawyer and home inspector. Looking back, they are all one big happy family. So yes, go after the big guys, but don't forget the little guys too. Lastly, if the NAACP is to remain a viable force in the cause for equality, they have to be more proactive in uncovering issues BEFORE they become nationally known.






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