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Friday, July 20, 2007

NAACP FILES LAWSUIT AGAINST MORTGAGE LENDERS

Last week 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 part, the decision to file a class action was based on a 2006 study conducted by the Center for Responsible Lending. Researchers found that when creditworthiness and credit risk were equal, African-Americans were still 31 percent to 34 percent more likely to receive higher rate then their Gaussian counterparts.

Additionally, the National Community Reinvestment Coalition revealed that lenders on average made high-cost subprime loans to higher-qualified African-Americans 54 percent of the time, compared to 23 percent of the time for Caucasian, even when the Caucasian applicants were less qualified.

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 ONE OF THE PERSONS LISTED BELOW.
WEE NEED YOU TE HELP STOP DISCRIMINATORY LENDING AND TO RECOVER THE MONEY THE NAACP ALLEGES WAS CHARGED ILLEGALLY BY THESE LENDERS. PLEASE TELL YOUR FAMILY, FRIENDS AND COLLEAGUES.
NAACP
Angela Cicolo, Esq.
Interim Gerneral Counsel
4805 Mt. Hope Drive,
Baltimore MD 21215
(877) NAACP-98
(410) 580-5777
FEAZELL & TIGHE LLP
(877) 948-4842
KABATECK BROWN KELLNER, LLP
Brian Kabateck, Esq.
(866) 266-1800

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