NAACP Accuses Subprime Lenders Of Race Bias

Law360, New York (July 12, 2007, 12:00 AM EDT) -- The NAACP has slapped more than a dozen mortgage lenders with a lawsuit, accusing the companies of discriminating against African Americans by forcing them to take on higher-interest subprime loans while allowing white borrowers to enjoy better rates.

On Wednesday, the organization filed a lawsuit seeking class action status in the U.S. District Court for the Central District of California in hopes of ending the alleged “systematic, institutionalized racism in making home mortgage loans.”

Ameriquest, Wells Fargo, Citigroup, HSBC, and Washington Mutual are among the 14...
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