NAACP: Banks steered blacks to bad loans
Class-action lawsuits target subprime lenders Wells Fargo, HSBC
The Associated Press
updated 12:20 p.m. CT, Fri., March. 13, 2009
The NAACP is accusing Wells Fargo and HSBC of forcing blacks into subprime mortgages while whites with identical qualifications got lower rates.
An NAACP member, Amara Weaver of Milwaukee, said she was one of the victims of predatory lending. She bought her first home in 1984, receiving a 6.25 percent fixed-rate mortgage. She says she had a steady job as a human resources director for a social services agency, never missed a mortgage payment and maintained excellent credit.
In 2004, she wanted to buy the house next door for her son to live in. She said the bank promised her a low fixed rate for a $40,000 loan, but at the closing, when reading the fine print, she noticed that the rate was actually 11 percent.
"I was blown away," said Weaver, an NAACP member. "I didn't have any choice (but to sign). ... It made me feel violated."
Are you f'ing kidding me? No one forced you to sign the paperwork...and the deal isn't done until you sign the contract. This has nothing to do with you being black, white, red, purple, green, or some shade of magenta...it has to deal with you letting yourself get into a bad loan. No sympathy.