The NAACP is expanding an effort to sue banks over a longstanding but unrpoven allegation, that blacks were steered into subprime mortgages, despite frequently being worthy for traditional loans.
Dow Jones: “These banks are getting billions in bailout money yet think they can get away with business as usual,” Austin Tighe, co-lead counsel for the NAACP, said in an interview Thursday evening.
Predatory lending and other practices, he continued, “are legally actionable and more importantly, morally reprehensible.”
Without having seen the merits of the case, we can safely say that race has long been an unspoken subtext to this whole subprime story, whether its the anger at the Community Reinvestment Act or this.
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