- The Washington Times - Thursday, March 12, 2009

The NAACP is accusing Wells Fargo and HSBC of forcing blacks into subprime mortgages while whites with identical qualifications got lower rates.

Austin Tighe, co-lead counsel for the National Association for the Advancement of Colored People, tells The Associated Press that class-action lawsuits will be filed Friday in federal court in Los Angeles.

Tighe says 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. He says blacks still were disproportionately steered into subprime loans when their credit scores, income and down payment was equal to those of white homebuyers.


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Messages left after hours with Wells Fargo and HSBC were not immediately returned.

Similar NAACP lawsuits are pending against a dozen other subprime lenders.



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