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Leading Us Lenders Accused Of Racism

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http://www.telegraph.co.uk/money/main.jhtm.../cnblack117.xml

A group of 15 leading American mortgage lenders is being accused of racism over the way in which the banks lent money to black customers.

<LI>News from the banking and financial services sector The mortgage banks - including Washington Mutual, Bear Stearns and JP Morgan Chase - are all named in a lawsuit filed by the National Association for the Advancement of Colored People (NAACP).

advertisementNAACP has recently filed paperwork to speed up the class-action lawsuit, in which it alleges that the banks steered black borrowers into taking predatory sub-prime loans.

Sub-prime loans are at the heart of the current global credit crisis, and were offered to individuals who often could not afford the mortgages they were being signed up to.

NAACP's latest filing is aimed at fast-tracking the lawsuit

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Will the National Association for the Advancement of Colored People also be helping the whites and asians about this subject?

If not, and they only represent people on the basis of colour, then surely THEY themselves are racist! :)

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The National Association for the Advancement of Colored People won't be helping white or Asian people, but as its laughable class-action lawsuit won't be helping black people either they can be regarded as even-handedly useless.

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If you have 4 white guys and one black guy in the room then the black guy will always turn the subject towards race.

8 out of ten most wanted on crime watch UK then other week were immigrants so if they want to keep playing the race card then i'm happy to take them up on it.

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Racism sucks...but so does trying to sue someone who lent you money for being a racist. I`m not going to bother reading the finer details of this story as I don`t want to throw up my breakfast!

If they didn`t lend the money I guess they`d be accused of racism too! <_<

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If things get much worse for much longer it will affect all types of mortgage and moneylending if people move towards saving up for things they want to buy instead of borrowing. That will bring house prices down too. People will still need to borrow for the forseeable future but the proportion of debt taken on would be less, once the crisis has passed.

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Like WOW, they sue when they can't get loans and then when banks lent to them any amount they wanted they are going to sue again. Like NAACP isn't already a joke in the states.

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I suspected a large proportion of the sub-prime market in the States would be the black population. That's not a racist theory particularly, just a hunch based on who has money in the US and who doesn't. An uneducated poor black person is a much likelier target than anyone else. The banks would have gone for any market that took the bait.

Why they took the bait so easily or the banks morals in offering the bait is debatable. But the lawsuit is an interesting development, and just shows the mess that can come of all this. Perhaps the more the better, because if these banks are stung badly, they won't try to fleece people again in the future.

*I'm a white Darkman btw

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  • 292 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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