RSS Feed
Newsletter
NAACP Stands Against Mortgage Loan Sharks
July 3rd, 2008The civil rights group accuses lenders of preying on African-American borrowers
NAACP chapters nationwide took a stand Wednesday in a national “Day of Action” against discriminatory lending practices of such mortgage giants as Citi, HSBC, WaMu, GMAC and JP Morgan. In addition to agreeing to stop preying on Black borrowers, the nation’s oldest and largest civil rights group wants the companies to make amends for the financial pain they have caused. “Every one of us deserves equal access to the ‘American dream’ of homeownership,” said NAACP Interim General Counsel Angela Ciccolo. “Making amends is just the beginning. We want to make sure African Americans are never victimized by the lending industry again. This discrimination was nationwide and cut across income-levels. People with six-figure incomes, significant down-payments and who had owned several homes before were not immune from being discriminated against because of their race.” The NAACP has filed a class-action lawsuit against 17 major lenders, alleging that “African-American borrowers were given loans with higher interest rates and other poor terms solely because of their race,” according to statement from association spokesman Richard McIntyre. During Wednesday’s simultaneous event, leaders at NAACP chapters in 21 locations – including New York, Chicago, Baltimore, St. Louis, Detroit, Las Vegas, suburban Atlanta, Salt Lake City, Colorado Springs, Reno, Memphis, Seattle and southern California – gathered at lending institutions and in affected neighborhoods to highlight the pervasive and systemic discrimination against African Americans within the mortgage industry and to demand an end to it, the NAACP said in the statement. “The only difference between the victims in this case and other customers is the color of their skin,” said Brian Kabateck, who is co-lead counsel on the suit. “They had the same credit, the same income and the same qualifications. But because they were African American, they were ripped off.” According to the NAACP, recent research, including federal data, proves the rampant discrimination in mortgage lending.
Discrimination in mortgage lending is just another form of the overall racial discrimination that blacks are subjected to on a regular basis in America. Some of you non-black posters are ignorant about this subject or in denial and think that blacks overstate the race problem and that if we just work hard and get an education and don’t commit crimes life is good, but this story and many others like it proves how racism is very institutionalized. We are still charged that “black tax” in many areas of life in America. It is what it is….denial does not make discrimination go away and this is just one form of discrimination.
I attended the event in Durham NC it was a powerful event. Durham Branch president showed a copy of the Herald Sun newspaper and it had a full newspaper page and a half of just foreclosures. I remember when there might be 2 or 3 a week.
We as black people need to slow down and read and get an understanding of what we put our name on READ READ READ READ!!!!!!
Ok, so what was the outcome. Are lenders going to solely look at your place of employment, income, previous rental history and all other info needed to get people (more African Americans) into homeowenership. When is the discriminatory line ever going to be drawn?
LC:
“When is the discriminatory line ever going to be drawn?”
IN OUR NEXT LIFE!!!
Let me say this ….the race problem is mostly vastly overstated…not saying the problem doesn’t exist in our America. It’s not always racism. I seen times where the same thing happen to whites. I feel it mostly come down to class and financial worth. I would love to say THANKS TO THE NAACP FOR STEPPING UP IN THIS SITUATION. It’s so sad to see that this kinda mess has happen once again. Crooks are crooks no matter if one be white or black. I think we as blacks just feel that it’s cause of our race …but thats not always so. This racism will never end …not here on earth…we be dead and gone and racism will yet be rampant. Theres not much to be done….unless we all turn to God and love one another as we should. LETS LOVE GOD PEOPLE!!!
When you think about it, it’s worth the $300-$700 dollars one would spend on a real-estate Lawyer, this way you will know what you are signing, and the after affects. wake up people, this is another way to stop lots of people from getting ahead. Allways think befour signing, a contract of any kind, and never take the word of the people who are giving you the contract to sign.
Jeff Lewis Detroit
The NAACP should not have to do the work of the government. It’s like the Fox watching the Hen house, for the farmer.
this has been in play for over 60 years
wake up it is not about the races NWO
Stop listening to the TV and the media thing that are happening are by design - to keep you from seeing the bigger picture
Shannlinwo:
Let me say this…obviously NOT everything is racially motivated but I will not deny that racism is more rampant than not. The black tax is real. And don’t forget that some blacks experience it more than others. The light skin versus dark skin issue is still in effect as well. If you have not experienced racism…then praise the Lord!! My love of GOD has not stopped me from experiencing racism.
The NAACP should have spent it’s resources on buyer education, begining with Buyer Representation Agreements and the understanding of them as an additional mesure of protection. And fully understanding the credit and their net affordability.
Your society does not want you to educated. You own the house but not the land. Soon they will be able to just search your house for any cause made up. You will have a chip implanted in your babies at birth to monitor your every move. Things that are spoke on in these topics are deterrants to your ability to think on your own.
Watch the Movie ANTS - that is how this society is
ran. And if we don’t wake up we will bw the ANTS forever
your new money will be the EURO. You think there trying to do something about the Mexicans coming over here - NO - there will be no states this will all be one. Your civil liberties will be destroyed, there will be no constitution, North America, Africa, Asia, Europe will be a one world government. New currency is being developed right now. We will have one bank, one Army. And we will all be salves together. Developement of this has been going on for the last 60+ years.
Our children will be the New World Order
African American have rampant discrimination in everything, not only mortgage lending.
YOur government owned BET but you know what I’m talking about
Those who are responsible should be prosecuted to the fullest extent of the law and those who were victimized by GREED AND GLUTONY should be compensated completely!
We as African Americans’ need to read and become knowledgeable about the ways of this world because we are and have not been treated as human beings for a loooooooooong time and it is still going on, so beware, READ, GET ADVISE, do not be blind-sided by these devils who are trying to destroy and consume us.
God bless AMERICA!
I am one of those young black 1st time homeowners that have been in this day to day situation with my mortage co. first I was with Wells Fargo when Hurricane Katrina hit our part of the world and rocked it to its coure. I’ve seen alot of my friends loose their home because of our adjustable rate which we can’t refiance due to our credit history therefore we must struggle to maintain our pymts of $944.00 a month or our homes go into foreclosure. My husband & I read the fine print people but being young and not educated on the world of mortage was a huge mistake now we are considering filing bankruptcy. Please my black bothers and sister spend that extra $500 or whatever to get a lawyer to look over your paper work with you before signing those papers because if you don’t I guarantee if you sign with Wells Fargo or EMC Mortage in the near future you will be the next person writing just like US…
The Arrington:
It’s not the mortgage companies fault that you were too dumb to read the contract before you signed. Black people need to get and EDUCATION and then they would not be in this situation. It’s typical for blakc to not take responsibility for yourself.
I meant to say black not blakc.
Just another case of america the beautiful! No matter how much education, we will always be the target! When will it stop, not in this lifetime! Be strong and don’t give up. We still have a long way to go to ever even try to be considered equal! One love!
Who ever is logging in with my username and writing nonsensical comments, please stop! The last two comments on here were not from me. I never put out messages stating something towards everyone from one race…only specific portions (i.e. wrongdoers).
Don’t be a coward by impersonating someone.
If you’re going to log in with my username and write a message (the last two), then at least write correctly…idiot.
To the unauthorized user of UMLaw:
Since you seem to have a habit of correcting us. Now, I believe it’s your turn. Instead of using “and” with education. The proper usage is “an”. Idiot!!! Always remember, what goes around, come around!!!
PBrown: What part of ‘unauthorized user’ do you not understand? Someone logged in with my name/email and wrote a comment passing it off as if i wrote it. What part of that do you not ‘get?’
I didn’t write the comment you are erroneously correcting. You start your comment with ‘to the unauthorized user of UMLaw,’ but then you try to correct his/her writing as if I ACTUALLY WROTE IT!! WOW, READING COMPREHENSION.