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NAACP Sues Two Major Mortgage Lenders
March 16th, 2009
The NAACP, which contends that several major mortgage lenders forced African Americans into bad loans that have sparked an epidemic in foreclosures, filed a class-action suit Friday in a Los Angeles court. Among the culprits, says the nation’s largest and oldest civil rights organization, are Wells Fargo and HSBC, which steered Blacks into sub-prime mortgages, even in cases when their credit qualifications – such parameters as credit scores, incomes and down payments – were better or identical to those of White borrowers. Read more.
