The lawsuits, which the NAACP said would be filed in U.S. District Court in California, allege that African-American homeowners were frequently steered into mortgages with higher interest rates than other borrowers with similar credit histories.
“These banks are getting billions in bailout money yet think they can get away with business as usual,” Austin Tighe, co-lead counsel for the NAACP, said in an interview Thursday evening.
[...]
“We’re going to be requesting policy and practice documents that have probably never been seen publicly before,” Tighe said.
NAACP Alleges Lending Discrimination Against Wells, HSBC [CNNMoney]
The sad thing is if I comment how I would like to on this article, I am sure I would be labeled a racist.
So they are upset that because they are black, they got loans they should never have gotten and now they are pissed the intertest rate was too high?
Maybe Obama shoud have been more specific about what rate he wanted when he and ACORN applied the threats and pressure on banks to give these loans in the first place!!
Cry me a fucking river…
Hi, I have high debt, crappy credit and a landlord who is chasing me for rent. I graduated high school, so I’m smart enough to know what 10% means, Mr Loan Guy. Where do I sign?
NAACP
National Association of Africa Comedians Perpetuated
Too redlined, wasn’t pre-approved.
How many African-Americans are working at Dealbreaker anyway?
No comment.
MAKE THIS STOP!!!!
Dealbreaker PC policy (only protective of specific racial/ethnic identities) enforced in 3…2…1…
A white colleague is really angry as he tried desperately in the last two years to get a mortgage refinance with not the best credit score and no one, no one told him anything about anything like this available. He is seriously thinking he wasn’t told about this and was being discriminated against.
The NAACP is hilarious. I love that the media actually take them seriously.
@7 = white collar racist
what the frack?!?
my god that lobster is huge. That is a huge lobster.
You would rather have a lexus, some justice, a dream or some substance?
A beamer, a necklace or freedom?
Still a nigga like me dont playa hate, I just stay awake
This is real hip hop, and it dont stop until we get the po-po off the block
not sarcasm, i just like dead prez
@ 15 when they 4close on yo azz, you can sleep in the big bacseat of yo lexus
@15 — Obama is that you?
silly silly swamp rhinos
Ironically, it appears based upon the risk profile the interest rate should have been higher.
I live in a van, down by the river!
The idea that bankers would rip some people off and not others is ridiculous. We all know bankers rip off anyone and everyone, including their own mothers.
My president is black, my lambo is blue…
wow no dead prez fans?
nobody else here went to suburban prep school and knows rap? i’m surprised
@23 go post on Obama’s website i bet you find what you are looking for there…
Ever been to a car lot Mr. Tighe? I hear that the salesmen try to get the ill-informed to pay sticker price. Perhaps I should speak in terms of payments for you.
This is great.
No, really.
Let’s get this shit in open court. Let’s get some people under oath. Let’s find out who was pressuring who to do what. Let’s have somebody explain to a judge – and Federal judges LOVE to pounce on crappy PowerPoint slides and say, “Wait a minute, where’d that number come from?” – what the real default rates of who were.
ISTR a deconstruction of one of the main studies that inspired the CRA that found when you factored in various things other than race, what everybody was screaming was redlining and profiling was plain old credit risk assessment, nothing more, nothing less.
#21 has it dead nuts. Bankers are inspired by the great words of J.R. “Bob” Dobbs, who is famously quoted as saying, “They may be Pink, but their money is GREEN.” Unless the NAACP is prepared to stipulate that Human Neurological Uniformity is a myth on the stand, this suit is going to be one of their biggest blunders ever, and that’s no low bar to jump.
Its half lobster half man half wideclops
no no there cant be three halves, its half lobster half wideclops-man
wait wait half lobsterman half wideclops…..LOBSTERCLOPS!!!
Trojan,
I am the wolf, dealbreaker the blade.
Also, mind sex was the most ridiculous song in the fucking world.
Go suburban prep school!
The 20 piece KFC dinner with every
1 Year ARM should have tipped off the regulators
fagocytosis @24
“obama’s website?” you should be on ted butler’s website with a dumbass comment like that.
what part of suburban prep school was hard to understand? the part where it was in fairfield county? 90% of my class was involved in counterprotesting FOR the iraq war- liking rap does not equal liking obama.
i bet you went to one of those super special magnate schools.
I know for a fact that Wells got out of sub-prime in 05, primarily out of fear of this sort of lawsuit.
It’s true; I used to model RMBS and there was always the toggle
=if(race_category=”black”,.07,.05)
LOBSTERCLOPS ate my mortgage.
My long experience of watching HBO informs me that black americans only buy homes as a) part of a scheme to rip off HUD organized with the NJ mob or as b) part of a scheme to gain control of the narcotics trade in West Baltimore
that is one wide-eyed LOBSTERMAN, though the f**k me boots are a nice touch
@32: what does the toggle ‘=if(race_category=”black”,.07,.05)’ do to the mortgage app?? Add 200 bps?
@30 “fagocytosis”?
Really you country day school bumpkin?
You must have gone to band camp and had an experience. I went to private school in NYC and most likely fucked your mother…
@36, yip; it was the interest rate toggle imbedded in 60% of the whole loans we were bundling. For gingers, they’d add 300 bps.
Well done, #34.
@1 This is America. No matter how you think your comments will be perceived… as an African American that reads Dealbreaker daily.
I would be interested in reading them. Express yourself freely.
@6 Whether African Americans work for DealBreaker or not…we do read DealBreaker.
You are so typical in thinking that a website could be the exclusive realm of only one type of people.
I don’t personally pay much attention to the NAACP but the issue here is not just financially illiterate people,
crying because they made bad financial decisions (like Whites or others that were financially irresponsible)
but one of them being treated inequitably when they have the simililar credit histories / incomes as their
white counterparts which only made a bad situation worse for them. Why would it sound reasonable to any White person
that wasn’t a racist, that persons with similar credit histories / incomes should be offered unfavorable loan terms.
This will either be proven to be fact or not no matter how reactionary the Whites that read this blog and leave such
comments may be.
@37
Trinity? Horace Mann? haha Ramaz? Do any have varsity teams? Whichever school, I can guarantee I’ve fucked the classmates you used beat it every night dreaming about(especially Trinity).
UWS tool.
Ripping off blacks, Fuck Yeah!
Suing for policy/procedure docs, Fuck Yeah!
Settling out of court, Fuck Yeah!
America, Fuck Yeah!
for @40
This was a “No Comment” posting. The only proper comment to post is “No Comment”.
Get with it.
@41 I am UES, you asshole face…and if you fucked Trinity girls dont tell anyone about it…keep it in the closet with your sexuality.
Any NYC prep knows none of them were hot.
Wow that’s a FAIL in the statistics department.
Mortgage interest rates are in part determined by debt/income ratio so ceteris paribus average white will get a lower rate than an average black, simple because on average white people have higher income than black people.
Comment removed by moderator.
Also douche alert 45, 41 et. al.
Stories about your parents paying for private school fascinate us all…
i think it’s funny you’ve turned this into a bashing session – the facts are there, and the paper trail is thick – wells (at least, I know that for sure) knew this sort of suit was coming, and got lucky, by shutting down most of sub-prime ops, for fear of this crap, vs. an actual market call
My bad; UES tool.
Try Chapin or Brearley.
@50 i did. Not Brearley…again thats like a boys school.
@48 dont hate me cause you aint me bitch.
@51
Here’s a website where you can masturbate each other over the amounts your parents spent in private school… god knows it’s a fascinating topic to follow. Plus you get daily updates!
http://www.bigdouchebag.com/
@47 You are just too fucking ignorant to be believed.
@52 is that by the same people who run the site:
iamabitchfromafarm.com?
I figured you may get their updates too.
Comment removed by moderator.
I defalt on mah loan for my house and my ‘sclade. I dun care none. I aint givin’ either back to da bank.
I do what i want.
how the hell do people like 55 find DB?
wtf is with the ‘comedy central’ authentication cert pop up?
@ 15 Im down for runnin up on them crackers in they city hall…
@57 what the hell does that mean?
“Wow that’s a FAIL in the statistics department.
Mortgage interest rates are in part determined by debt/income ratio so ceteris paribus average white will get a lower rate than an average black, simple because on average white people have higher income than black people.”
Not disputing the meat of your post but you apparently don’t understand Latin.
EP has really outdone/exposed herself with this topic/thread.
Posts like 18 and 38 are about as funny as EP getting raped until her eyes bleed.
@ 57 you pathetic p.o.s. good luck with your future.
WOW I AM SHOCKED EP— take 55′s comments off and keep @62?
Only proving the case.
@61 care to enlighten me? I suppose syntactically it belongs at the end of the sentence?
@54 Wow, that is fantastic, did you come up with that yourself? Your wit can only be matched by your personality. No wonder you’re stuck on where you came from, rather than where you got yourself… mediocrity is a sad business.
49 Could this be from the stuff Wells inherited when it acquired Wachovia (which had acquired World Savings?)
“Posted by guest, Mar 13, 2009 3:33PM
WOW I AM SHOCKED EP— take 55′s comments off and keep @62?
Only proving the case.”
I actually didn’t do any of the moderating in this thread. Nice try though.
too race baiting, didn’t read B1TCHES!
Tanned Banker
Mortgage interest rates are in part determined by debt/income ratio so ceteris paribus average white will get a lower rate than an average black, simple because on average white people have higher income than black people.
————————————
David
Credit Card Debt
Hello guys!I like to say that Mortgage interest rates are in part determined by debt/income ratio so ceteris paribus average white will get a lower rate than an average black, simple because on average white people have higher income than black people.
————————————
David
Credit Card Debt
Your credit card is like a student grade report card. The rewards of raising your score speak directly to your wallet: You’ll qualify for more loans and be offered better interest rates. Everyone needs some short term financing now and again. Eventually some of us want to own homes, so if your credit rating isn’t exactly good, then attempting to repair your credit would be a good idea. Well, getting payday loans now and again to make higher than minimum payments isn’t a bad step to take. You might also make some alterations in your personal budget to make more payments and get out from under the cloud of debt. It could save you from worrying about payday loans later on if you repair your credit.
http://personalmoneystore.com/moneyblog/2009/04/07/repair-credit-payday-loans/