NAACP Files Subprime Lending Suit; Seeks Class Action Status

The Associated Press reports:

• "The NAACP sued a dozen mortgage lenders Wednesday, claiming the companies discriminated against blacks by steering them into higher-interest subprime loans while giving more-favorable loan terms to white borrowers. The lawsuit, which seeks class-action status, was filed in U.S. District Court in Los Angeles. It demands a court order barring the lenders from discriminating against blacks and compelling them to comply with fair-housing and credit laws. Among the defendants named in the suit are Ameriquest Mortgage Co., Citigroup Inc., HSBC Finance Corp. and Washington Mutual Inc."

A similar suit is currently being litigated in Cleveland, Ohio (see Cleveland Fair Housing Lawyer Files Predatory Lending Class Action Lawsuit).

For more on the NAACP lawsuit, see Mortgage lenders discriminated against blacks, NAACP suit alleges.

For a copy of the lawsuit, see NAACP vs. Ameriquest Mortgage Corporation, et al., made available online courtesy of the NAACP.

For the NAACP press release, see NAACP Files Landmark Lawsuit Against Major Home Mortgage Companies For Discriminatory Lending.

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