- 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.

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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