NAACP Calls National 'Day of Action' Against Mortgage Discrimination
Author: NAACP [USA], Published on: 2 July 2008
Studies show African Americans are given more costly, riskier loans regardless of credit history or income... NAACP units across the country participated in a national ‘Day of Action’ against discriminatory mortgage lending today by demanding that several of the nation’s top lenders...make amends for discriminating against African American borrowers and eliminate discriminatory policies and practices for good... The NAACP filed a class action lawsuit against 17 of the nation’s largest lenders last July for discriminatory lending practices. The defendants are Washington Mutual, Inc., Citimortgage, Inc. [part of Citigroup], HSBC Finance Corporation, GMAC Mortgage..., GMAC Residential Capital, J.P. Morgan Chase & Co., Chase Bank USA NA, Fremont Investment & Loan [part of Fremont General], Option One Mortgage Corporation [part of H&R Block], WMC Mortgage Corporation [part of General Electric], Accredited Home Lenders, Inc. [now part of Lone Star Capital], Bear Stearns Residential Mortgage Corporation dba Encore Credit [now part of JPMorgan Chase], First Franklin Financial Corporation [now part of Merrill Lynch], National City Corporation, First Tennessee Bank dba First Horizon National Corp., Long Beach Mortgage Company [part of Washington Mutual], and Suntrust Mortgage.
Related companies: ACC Capital Holdings Citigroup First Horizon General Electric GMAC (now Ally Financial) H&R Block HSBC JPMorgan Chase Lehman Brothers Merrill Lynch (part of Bank of America) SunTrust Banks Washington Mutual