In 1995 Obama and ACORN filed a simular suit claiming racism. Citi Bank settled by making loans to unqualified borrowers. It was cheaper then being sued by Obama every time they turned someone down. Of course this was the first step to the mortgage meltdown so everybody is paying now.
Google ' Obama CRA lawsuit '
Hey Barack! Whos going to pay the bill?
Question News & Politics
NAACP says bank giants steered blacks to bad loans? Do you think this is a legitimate claim?
LDBeyes March 13, 2009 14:38:03
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By JESSE WASHINGTON, AP
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 were to 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.
Wells Fargo & Co. is receiving federal bailout funds. Messages left after hours with the banks were not immediately returned.
Amara Weaver of Milwaukee bought her first home in 1984, receiving a 6.25 percent fixed-rate mortgage. She says she had a steady job as a human resources director for a social services agency, never missed a mortgage payment and maintained excellent credit.
In 2004, she wanted to buy the house next door for her son to live in. She said the bank promised her a low fixed rate for a $40,000 loan, but at the closing, when reading the fine print, she noticed that the rate was actually 11 percent.
"I was blown away," said Weaver, an NAACP member. "I didn't have any choice (but to sign). ... It made me feel violated."
Similar NAACP lawsuits are pending against a dozen other subprime lenders.
"This is systematic, institutionalized racism," Tighe said. "Once you take out factors relative to income and credit risk, the only difference between the borrowers is the color of their skin."
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.
The NAACP is seeking reforms from the banks such as increased transparency in the loan process, educational outreach and internal training.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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 were to 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.
Wells Fargo & Co. is receiving federal bailout funds. Messages left after hours with the banks were not immediately returned.
Amara Weaver of Milwaukee bought her first home in 1984, receiving a 6.25 percent fixed-rate mortgage. She says she had a steady job as a human resources director for a social services agency, never missed a mortgage payment and maintained excellent credit.
In 2004, she wanted to buy the house next door for her son to live in. She said the bank promised her a low fixed rate for a $40,000 loan, but at the closing, when reading the fine print, she noticed that the rate was actually 11 percent.
"I was blown away," said Weaver, an NAACP member. "I didn't have any choice (but to sign). ... It made me feel violated."
Similar NAACP lawsuits are pending against a dozen other subprime lenders.
"This is systematic, institutionalized racism," Tighe said. "Once you take out factors relative to income and credit risk, the only difference between the borrowers is the color of their skin."
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.
The NAACP is seeking reforms from the banks such as increased transparency in the loan process, educational outreach and internal training.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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This is what I think
When they took out the loan for a house that was "too good to be true" and costing more than they could ever afford, they were in the wrong and they knew it. They should lose their homes and any money they put into it. It is a hard lesson, but what goes around comes around.
Hey Millions have been victimized.
We should consider this in a spectrum of how many people IN GENERAL have been affected by this, as opposed to simply how many blacks.
Are you for real?
This is what I think
None of the above
This is what I think
Hey Millions have been victimized.
This is what I think
Just goes to show either that Jesse Jackson is uninformed, a racist or just a polotical hack.Jesse shoul dtake some god advice.
WTF?
This is what I think
Are you for real?
WTF?
WTF?
This is what I think
Google ' Obama CRA lawsuit '
Hey Barack! Whos going to pay the bill?
WTF?
WTF?
Ask Barney Franks why the BS loans were mandated.
Freddy and Fanny promised to pick them up. that's why!
They defaulted when they actually found out they had to PAY every month. Holly Crap! Responsibility!! What is that???
Then Obama goes and puts some chips in their pockets.
This is what I think
Are you for real?
WTF?
Keep voting DemocRAT you dumb asses.
I also hope you realize someday, that you have been had.
The powers that be have long understood that the typical citizen won't spend more than 3 minutes thinking about a news article AND that much of what that citizen comes away believing about a news article depends more upon who is delivering the message, rather than if what is being said is the truth. The principle is called "baffle them with bullshit".
This is fundamental to effectively swaying public opinion...Don't give them the facts...just keep repeating your message.
Spend some time at the following link. Search out NAFTA & Fannie Mae.
http://www.access.gpo.gov/su_...
You'll see for yourself that the Democrats - not the Republicans were the ones that initiated the process for the low interest loans programs and the jobs to Mexico & Canada programs (NAFTA).
It was the Democrats that permitted big business to "out-source" the jobs AND get tax breaks for doing so.
Race has nothing to do with the question. But the fact that the NAACP chimed in on the issue makes the publiccry conspiracy and look to blame whitey.
Now you will be seeing reports that AIG is paying out MILLIONS in executive bonuses...with the money the Democrats just recently gave them.
Learn to seek the truth from sources ...
I also hope you realize someday, that you have been had.
The powers that be have long understood that the typical citizen won't spend more than 3 minutes thinking about a news article AND that much of what that citizen comes away believing about a news article depends more upon who is delivering the message, rather than if what is being said is the truth. The principle is called "baffle them with bullshit".
This is fundamental to effectively swaying public opinion...Don't give them the facts...just keep repeating your message.
Spend some time at the following link. Search out NAFTA & Fannie Mae.
http://www.access.gpo.gov/su_...
You'll see for yourself that the Democrats - not the Republicans were the ones that initiated the process for the low interest loans programs and the jobs to Mexico & Canada programs (NAFTA).
It was the Democrats that permitted big business to "out-source" the jobs AND get tax breaks for doing so.
Race has nothing to do with the question. But the fact that the NAACP chimed in on the issue makes the publiccry conspiracy and look to blame whitey.
Now you will be seeing reports that AIG is paying out MILLIONS in executive bonuses...with the money the Democrats just recently gave them.
Learn to seek the truth from sources other than the TV news. - The Federal Register has all the facts - written in the very language the Congress used, by the very person to speak the words.
Hey Millions have been victimized.
This is what I think