NAACP accuses HSBC and Wells Fargo of discrimination

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NAACP accuses HSBC and Wells Fargo of discrimination

March 15, 2009 – 3:45 am – No Comment

The NAACP has planned to file a class action law suit against Wells Fargo and HSBC claiming they gave better loans to whites with the same qualifications (income, credit score, etc) as blacks.

Austin Tighe, co-lead counsel for the NAACP, told the Associated Press that black home buyers have been 3 and a half times more likely to receive a subprime loan that white borrowers.

The NAACP is also suing at least a dozen other subprime lenders.

I believe in the subprime debacle, a lot of people were messed over, white, black, green, etc… it hink that everyone is looking for someone to blame.

A class action law suit is a greedy way to place blame. If they do win the case, those who were truely victimized would recieve little to nothing as compensation. However, the lawyers woudl reap the benefits (and most of the cash).