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Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: LindyBill who wrote (296717)	3/17/2009 2:25:02 AM
From: KLP	Respond to of 793963

Speaking of Madoff: Sesame Street Explains the Madoff Scandal youtube.com

To: LindyBill who wrote (296717)	3/17/2009 3:13:10 AM
From: FJB	Read Replies (1) \| Respond to of 793963

NAACP: Wells and HSBC's Policies Were Subprime Ruthie Ackerman, 03.13.09, 07:45 PM EDT Group sues banks, alleging discriminatory loan practices. forbes.com HSBC and Wells Fargo were hit with lawsuits on Friday accusing the banks of steering African-American homeowners into mortgages with higher interest rates than white borrowers with similar credit histories. On Friday the National Association for the Advancement of Colored People filed separate suits in U.S. District Court in California against Wells Fargo (nyse: WFC - news - people ) and HSBC (nyse: HBC - news - people ), alleging "systematic, institutionalized racism in sub-prime home mortgage lending." The NAACP asked for measures to increase accountability and transparency to be put in place as well as unspecified monetary and other relief. According to the lawsuits, African-American homeowners who received subprime mortgage loans from Wells Fargo and HSBC were at least 30.0% more likely to be charged higher interest rates than white borrowers with the same qualifications. Meanwhile, upper income African-Americans were more than twice as likely to receive higher-cost loans as lower-income whites, according to the NAACP. “It is time for these lenders to be held accountable,” said President Benjamin Todd Jealous of the NAACP. “We look forward to forcing real change and real relief through this lawsuit.” The two new suits follow a July 2007 case that is pending against a slew of other mortgage lenders, including Accredited Home Lenders (nasdaq: LEND - news - people ), Ameriquest Mortgage, the JPMorgan Chase (nyse: JPM - news - people ) unit Chase Bank USA, and Citigroup (nyse: C - news - people )'s Citimortgage. The lawsuits against HSBC and Wells Fargo are being filed now as a result of subsequent investigations and calls made to the NAACP. At HSBC, Vice President of Public Affairs Neil Brazil said the bank does not comment on litigation but that “HSBC stands by its fair lending and consumer-protection practices, and we are confident that we are treating our customers fairly and with integrity.” Wells Fargo posted a statement on its website saying the “NAACP’s allegations are totally unfounded and reckless. We have never tolerated, and will never tolerate, discrimination in any way, shape or form in any of our business practices, products, or services.”