Comments on: Lawsuit: Banks Steered Blacks To Bad Loans

NAACP Claims Wells Fargo, HSBC Gave Whites With Same Qualifications Lower Mortgage Rates

[aziridine]

If these folks didn't like the terms of the mortgages, why did they enter into them? This is what competition is about. It's funny that none of these people appear to have gone to multiple lenders. Basic common sense dictates that you should fully understand anything you sign and that if you are unhappy with a contract, don't sign it.

It would appear that the NAACP is simply trying to capitalize on the political complexion of the times to support a frivilous lawsuit.

By the way, just who are the "Colored People" that the NAACP is trying to advance. I am unaware of any ethnic group called "Colored People"..... Sounds like the NAACP is Politically Incorrect, here.

[sockpuppet4]

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.
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I was blown away, said Weaver, an NAACP member. I didn't have any choice (but to sign). ... It made me feel violated.
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DEVESTATED and VIOLATED --- How many times we got to hear the same spiel. Its getting very old and boring.

Nice clean case as an example it appears.APPEARS I say because the same person probably has a herendous erecord of making car payments, utility bills and SUCH.

SUCH meaning that lending institutions go by many things to establish credit and this example fails to note them...which makes me believe its a hogwash of a story. A tear jerker story that the NAACP is getting good at in their hate and lust for free hand outs. Disband that KKK acting group and tell them to shut the HMMM HMMM up.

Their speil is genrations old and it just dont work no more.

[techfin]

This is only a NAACP lawsuit, it only benefits the lawyers, and the
honchos at NAACP, not the poor folks that were taken advantage of by
the predatory brokers. The lawyers are sharks.

[sockpuppet4]

Any menial low-paying job has a disproportionate concentration of non-whites.

Posted by bobbyduck1

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Go to any big city. Go to any big airport. Go look at their county and city workers. Look at any good paying job that does not require more than a high school education. Who has these jobs? Walk thru and look at the employees in any large city government office building. Look at the good paying union city bus drivers. Look at the majority of the state and government workers in prisons and such.

There is plenty prejudice going around and it isnt against the blacks.

[bobbyduck1]

So much intolerance among so many posters here....

When bank after bank practices the same illegal, immoral, unjust racial profiling and offers the same type of bad loan or no loan at all...what then? Pay rent the rest of your life? Anyone who tries to say that this isn't the case in virtually all parts of American society is simply unwilling to look around and be honest about what they see.

Look at the population ratios in general society versus prison ratios. Look at the ratio of CEOs that are white vs. the general population. And on and on - any well-paying professional position has a disproportionate concentration of whites. Any menial low-paying job has a disproportionate concentration of non-whites. To try and deny this reality that is apparent all around us is to try to live in a world that simply does not exist.

Oh and by the way, I'm white and I have been employed in good positions for many years. Unlike many, that doesn't make me blind simply because the system favors me. I spent many years in the San Diego area where one of the most-often enforced offenses in a good neighborhood is "Driving While Black" or "Driving While Hispanic". (Coronado and LaJolla were the worst but not the only ones...any neighborhood with nice houses was plagued by this.)

[louiville2]

it's about time these scumbag banks start getting their ***** sued off, These are the same institutions that spent 5 billion dollars over the last ten years either directly contributing to both DNC and GOP campaigns or lobbying the government to keep the regulators off their backs. These bad bank CEOs should be posting bail, instead of being bailed out by the taxpayers. The politicians that voted for the bailout did so because they have been purchased by the banks.
Posted by emperorlotku at 6:59 PM

Ummmm you need to talk to Clinton as in Bill clinton:

From 1999 NYT article says it all;

"In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's.

''From the perspective of many people, including me, this is another thrift industry growing up around us,'' said Peter Wallison a resident fellow at the American Enterprise Institute. ''If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.''



http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F958260&sec=&spon=&pagewanted=1

[emperorlotku]

it's about time these scumbag banks start getting their ***** sued off, These are the same institutions that spent 5 billion dollars over the last ten years either directly contributing to both DNC and GOP campaigns or lobbying the government to keep the regulators off their backs. These bad bank CEOs should be posting bail, instead of being bailed out by the taxpayers. The politicians that voted for the bailout did so because they have been purchased by the banks.

[louiville2]

In a pig's eye, another playing the "race card" by a bunch of mommy's boys Kindergardeners.

[rosesnpearls]

How did they supposedly figure out which borrower was black and which one was white? Does the ink on the loan applications glow in the dark when a certain race applies for a loan? Build a bridge and get over it.

[cbs4me3]

What about the stories about Fannie Mae relaxing its rules so loans coujld be made to people who otherwise would not have gotten loans. What about community activist groups, such as in Chicago, who were said to have pushed for mortgages for minorities. How much damage did they do to the minorities who had gotten loans but were way over their heads when the economy tanked. As the commentator would have said, Now you have the rest of the story.