Today the NAACP filed an historic lawsuit against mortgage lenders alleging racial discrimination

The Facts:

• Today the NAACP filed a Federal class action lawsuit against fourteen of the country’s largest subprime mortgage lenders.

• This lawsuit is designed to stop these lenders from engaging in systematic, institutionalized racism in making home mortgage loans.
• In a 2006 study, the Center for Responsible Lending found that when creditworthiness and credit risk were equal, African-Americans were still 31 percent to 34 percent more likely to receive higher rate, more expensive subprime loans than Caucasians.
• The National Community Reinvestment Coalition revealed that lenders on average made high-cost subprime loans to higher-qualified African-Americans 54% of the time, compared to 23% of the time for Caucasians, even when the Caucasian applicants were less qualified.
• These and other studies demonstrate that African-American homeowners are paying higher mortgage interest rates than their Caucasian counterparts.

The Lenders: Ameriquest, Wells Fargo, Fremont, Option One, WMC Mortgage, Countrywide, Long Beach Mortgage, CitiGroup, BNC Mortgage, Accredited Home Lenders, Encore, First Franklin, HSBC, Washington Mutual

WHAT YOU CAN DO TO HELP THE NAACP

IF AT ANY TIME IN THE LAST FIVE YEARS YOU OR SOMEONE YOU KNOW TOOK OUT A HOME MORTGAGE LOAN OR REFINANCED A HOME, WHETHER WITH ONE OF THESE LENDERS OR ANOTHER LENDER, YOU MAY HAVE BEEN A VICTIM OF THESE DISCRIMINATORY PRACTICES.  PLEASE CONTACT ANY ONE OF THE PERSONS LISTED BELOW. 

WE NEED YOU TO HELP STOP DISCRIMINATORY LENDING AND TO RECOVER THE MONEY THE NAACP ALLEDGES WAS CHARGED ILLEGALLY BY THESE LENDERS. PLEASE TELL YOUR FAMILY, FRIENDS AND COLLEAGUES.

NAACP
Angela Ciccolo, Esq. Interim General Counsel
4805 Mt. Hope Drive, BaltimoreMD21215
(877) NAACP-98
(410) 580-5777

FEAZELL & TIGHE LLP
Austin Tighe, Esq.
6300 Bridgepoint Pkway
Bridgepoint 2, Suite 220
Austin, TX, 78730
(877) 948-4842
info@feazell-tighe.com

KABATECK BROWN KELLNER, LLP
Brian Kabateck, Esq.
644 South Figueroa St.
Los Angeles, CA 90017
(866) 266-180
bsk@kbklawyers.com