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It's your friendly neighborhood "Digital Drummer" again...smile
I've been advocating this for years (Google Jim Neusom with key words Wells Fargo, or Foreclosure)....Fight back! Federally bailed-out banks targeted Black homebuyer - Now Blacks Are Targeting Them!
The NAACP and others have filed separate class action lawsuits against many of the country's largest lenders. These lawsuits allege systematic, institutionalized racism in sub-prime home mortgage lending (see http://www.associatedcontent.com/user/278447/jim_neusom.html
These banks are getting billions in bailout money… Now it’s time for these lenders to be held accountable for the devastation they have wrought on the Black community. They may have passed President Obama’s stress test…but they have failed us.
According to the lawsuits, Black homeowners who received sub-prime mortgage loans from these lenders were more than 30 percent more likely to be issued a higher rate loan than Caucasian borrowers with the same qualifications. This is a violation of Fair Housing Act and Equal Credit Opportunity Acts, it is illegal to “Impose different terms or conditions on a loan” (such as different interest rates, points, or fees) based on race, color, national origin, religion, sex, familial status, or handicap.
Wells Fargo charged Blacks more than twice as much as whites for home loans. JP Morgan charged Blacks and Latinos more than twice that of whites. Citigroup, US Bancorp and Wachovia charged minorities one and a half times more. Blacks and Latinos were more than one and half times more likely than whites, to be denied a loan by the top banks that received a taxpayer bailout.
A 2002 study by the U.S. Department of Housing and Urban Development (HUD) cited in the lawsuits demonstrate that these lending disparities are pervasive (see http://www.huduser.org/publications/fairhsg/unequal.html
). The National Community Reinvestment Coalition’s most recent study finds that discrimination against minorities still persists in mortgage lending (see Income is no Shield Against Racial Differences in Lending 07/2007). The Federal Reserve Board, the FDIC have all made similar observations.
If you suspect that you have suffered damages due to racial discrimination with your home loan, check out my story on Associated Content http://www.associatedcontent.com/user/278447/jim_neusom.html
for details, links and lawyers who will evaluate your claim at no cost or obligation.
Remember, We Must Share The Knowledge (Network)….To Share The Dollars!
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