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Race relations meltdown over banking.


CofCC.org News Team

For years, the NAACP has been attacking financial institutions for not giving enough loans to black clients. Now the NAACP is suing several mortgage lenders because they say interest is too high! Blacks on average have significantly lower credit scores than whites which requires higher interest rates.

Kansas City Star…

The NAACP sued a dozen mortgage lenders Wednesday, claiming the companies discriminated against blacks by steering them into higher-interest, subprime loans while giving more favorable loan terms to white borrowers.

The lawsuit, which seeks class-action status, was filed in U.S. District Court in Los Angeles.

It demands a court order barring the lenders from discriminating against blacks and compelling them to comply with fair housing and credit laws.

Among the defendants named in the suit are Ameriquest Mortgage, Citigroup, HSBC Finance and Washington Mutual.

Ameriquest, Citigroup and HSBC defended their lending practices as fair.

PRNewswire…

The FTC report concluded that African Americans and Hispanics are substantially overrepresented among consumers with the lowest credit scores. It found that “more than one-half of all African Americans have credit scores in the lowest quarter of the overall score distribution, and one-half of all Hispanics have credit scores in the lowest third of the
overall score distribution.”

Note: The NAACP is in a major financial crisis and recently laid of 40% of their national staff.

Vdare has an excellent article proving that the lawsuit is a sham.