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]
Posted by guest , Mar 13, 2009 11:00AM
The sad thing is if I comment how I would like to on this article, I am sure I would be labeled a racist.
Posted by guest , Mar 13, 2009 11:02AM
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...
Posted by PatrickBateman , Mar 13, 2009 11:02AM
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?
Posted by guest , Mar 13, 2009 11:08AM
NAACP
National Association of Africa Comedians Perpetuated
Posted by Lowly Assistant , Mar 13, 2009 11:09AM
Too redlined, wasn't pre-approved.
Posted by Garuda , Mar 13, 2009 11:10AM
How many African-Americans are working at Dealbreaker anyway?
Posted by guest , Mar 13, 2009 11:10AM
No comment.
Posted by guest , Mar 13, 2009 11:11AM
MAKE THIS STOP!!!!
Posted by guest , Mar 13, 2009 11:15AM
Dealbreaker PC policy (only protective of specific racial/ethnic identities) enforced in 3...2...1...
Posted by guest , Mar 13, 2009 11:16AM
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.
Posted by guest , Mar 13, 2009 11:18AM
The NAACP is hilarious. I love that the media actually take them seriously.
Posted by guest , Mar 13, 2009 11:20AM
@7 = white collar racist
Posted by guest , Mar 13, 2009 11:20AM
what the frack?!?
Posted by guest , Mar 13, 2009 11:23AM
my god that lobster is huge. That is a huge lobster.
Posted by trojan , Mar 13, 2009 11:25AM
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
Posted by guest , Mar 13, 2009 11:29AM
@ 15 when they 4close on yo azz, you can sleep in the big bacseat of yo lexus
Posted by guest , Mar 13, 2009 11:30AM
@15 -- Obama is that you?
Posted by guest , Mar 13, 2009 11:30AM
silly silly swamp rhinos
Posted by Suits , Mar 13, 2009 11:32AM
Ironically, it appears based upon the risk profile the interest rate should have been higher.
Posted by guest , Mar 13, 2009 11:33AM
I live in a van, down by the river!
Posted by guest , Mar 13, 2009 11:36AM
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.
Posted by Anal_yst , Mar 13, 2009 11:37AM
My president is black, my lambo is blue...
Posted by trojan , Mar 13, 2009 11:41AM
wow no dead prez fans?
nobody else here went to suburban prep school and knows rap? i'm surprised
Posted by guest , Mar 13, 2009 11:45AM
@23 go post on Obama's website i bet you find what you are looking for there...
Posted by merkin capital partners , Mar 13, 2009 11:49AM
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.
Posted by guest , Mar 13, 2009 11:56AM
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.
Posted by guest , Mar 13, 2009 11:57AM
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!!!
Posted by Lowly Assistant , Mar 13, 2009 11:57AM
Trojan,
I am the wolf, dealbreaker the blade.
Also, mind sex was the most ridiculous song in the fucking world.
Go suburban prep school!
Posted by guest , Mar 13, 2009 11:59AM
The 20 piece KFC dinner with every
1 Year ARM should have tipped off the regulators
Posted by trojan , Mar 13, 2009 11:59AM
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.
Posted by Seaman Bodine II , Mar 13, 2009 11:59AM
I know for a fact that Wells got out of sub-prime in 05, primarily out of fear of this sort of lawsuit.
Posted by guest , Mar 13, 2009 12:04PM
It's true; I used to model RMBS and there was always the toggle
=if(race_category="black",.07,.05)
Posted by guest , Mar 13, 2009 12:06PM
LOBSTERCLOPS ate my mortgage.
Posted by guest , Mar 13, 2009 12:07PM
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
Posted by guest , Mar 13, 2009 12:10PM
that is one wide-eyed LOBSTERMAN, though the f**k me boots are a nice touch
Posted by guest , Mar 13, 2009 12:21PM
@32: what does the toggle '=if(race_category="black",.07,.05)' do to the mortgage app?? Add 200 bps?
Posted by guest , Mar 13, 2009 12:27PM
@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...
Posted by guest , Mar 13, 2009 12:28PM
@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.
Posted by cy , Mar 13, 2009 12:29PM
Well done, #34.
Posted by guest , Mar 13, 2009 12:32PM
@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.
Posted by trojan , Mar 13, 2009 12:46PM
@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.
Posted by guest , Mar 13, 2009 12:47PM
Ripping off blacks, Fuck Yeah!
Suing for policy/procedure docs, Fuck Yeah!
Settling out of court, Fuck Yeah!
America, Fuck Yeah!
for @40
Posted by guest , Mar 13, 2009 12:49PM
This was a "No Comment" posting. The only proper comment to post is "No Comment".
Get with it.
Posted by guest , Mar 13, 2009 12:51PM
40 sai - "You are so typical in thinking that a website could be the exclusive realm of only one type of people."
And that type would be someone interested in financial gossip? Because from what I see in ibanks these days - there are loads of non 'reactionary whites' and hence, I would assume that a lot comments up here are also from non Whites?
Grow up. The world exists beyond black and white. Also, most of these lawsuits are shakedown operations. I remember my old credit card company (which has 100% automated underwriting and of which I have personally seen the underwriting policy) also got sued by someone for similar discrimination. I never got to know the result but hopefully things were settled amicably and quirtly in the background.
Posted by guest , Mar 13, 2009 12:58PM
@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.
Posted by guest , Mar 13, 2009 1:03PM
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.
Posted by guest , Mar 13, 2009 1:05PM
Comment removed by moderator.
Posted by guest , Mar 13, 2009 1:11PM
Also douche alert 45, 41 et. al.
Stories about your parents paying for private school fascinate us all...
Posted by Seaman Bodine II , Mar 13, 2009 1:12PM
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
Posted by trojan , Mar 13, 2009 1:14PM
My bad; UES tool.
Try Chapin or Brearley.
Posted by guest , Mar 13, 2009 1:16PM
@50 i did. Not Brearley...again thats like a boys school.
@48 dont hate me cause you aint me bitch.
Posted by guest , Mar 13, 2009 1:22PM
@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/
Posted by guest , Mar 13, 2009 1:28PM
@47 You are just too fucking ignorant to be believed.
Posted by guest , Mar 13, 2009 1:32PM
@52 is that by the same people who run the site:
iamabitchfromafarm.com?
I figured you may get their updates too.
Posted by guest , Mar 13, 2009 1:41PM
Comment removed by moderator.
Posted by guest , Mar 13, 2009 1:46PM
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.
Posted by trojan , Mar 13, 2009 1:50PM
how the hell do people like 55 find DB?
Posted by guest , Mar 13, 2009 1:59PM
wtf is with the 'comedy central' authentication cert pop up?
Posted by guest , Mar 13, 2009 2:02PM
@ 15 Im down for runnin up on them crackers in they city hall...
Posted by guest , Mar 13, 2009 2:02PM
@57 what the hell does that mean?
Posted by guest , Mar 13, 2009 2:08PM
"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.
Posted by guest , Mar 13, 2009 2:57PM
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.
Posted by guest , Mar 13, 2009 3:01PM
@ 57 you pathetic p.o.s. good luck with your future.
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.
Posted by guest , Mar 13, 2009 3:36PM
@61 care to enlighten me? I suppose syntactically it belongs at the end of the sentence?
Posted by guest , Mar 13, 2009 3:41PM
@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.
Posted by guest , Mar 13, 2009 3:46PM
49 Could this be from the stuff Wells inherited when it acquired Wachovia (which had acquired World Savings?)
Posted by Equity Private , Mar 13, 2009 3:55PM
"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.
Posted by guest , Mar 13, 2009 10:51PM
too race baiting, didn't read B1TCHES!
Tanned Banker
Posted by davidjenks2000 , Apr 03, 2009 5:06AM
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
Posted by davidjenks2000 , Apr 03, 2009 5:09AM
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
Posted by Freddy H , Apr 16, 2009 6:11AM
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/