March 25, 2009
Page A5
L aw
J ustice
NAACP says Blacks Steered to Bad Loans
ing, said Austin Tighe, co­
lead counsel for the civil
rights organization.
Tighe said African-Ameri­
cans still were disproportion­
Lawsuit
targets lenders
(AP) — The NAACP is
accusing Wells Fargo and
HSBC of forcing blacks into
subprime mortgages while
whites with identical qualifi­
cations got lower rates.
C la ss-a c tio n law su its
were filed against the banks
March 13 in federal court in
Los Angeles.
The NAACP is seeking
refo rm s from the banks
such as increased transpar­
ency in the loan process,
educational outreach and in­
ternal training.
“It is time for these lend­
ers to be held accountable,”
said NAACP President Ben­
jamin Todd Jealous, “We look
& Co., called the lawsuit “to­
tally unfounded and reck­
less.” The bank is receiving
federal bailout funds.
"We have never tolerated,
It is time fo r these lenders to
be held accountable. We look
forward to forcing real change
and real relief through this
lawsuit. -BenJamlnTodd Jealous, NAACP President
Benjamin Todd Jealous
forw ard to fo rc in g real
change and real re lie f
through this lawsuit.”
Black hom ebuyers have
been 3 1/2 times more likely
to receive a subprime loan
than white borrowers, and
six times more likely to get a
subprime rate when refinanc­
ately steered into subprime
lo an s w hen th eir c re d it
scores, income and down
payment were equal to those
of white homebuyers.
M elissa M urray, vice
president of corporate com­
munications for Wells Fargo
and will never tolerate, dis­
crimination in any way, shape
or form in any of our busi­
ness practices, products, or
services,” Murray said.
An N A A C P m em ber,
Amara Weaver of Milwau­
kee, said she was one of the
Similar NAACP lawsuits
are pending against a dozen
other subprime lenders.
“This is systematic, insti­
tutionalized racism,” Tighe
said. “Once you take out fac­
tors relative to income and
credit risk, the only differ­
ence between the borrowers
is the color of their skin.”
Tighe estimated that “tens
of thousands” of blacks had
been forced into bad loans,
but said it was difficult to
gauge the scope of the prob­
lem because banks keep
much of their internal data
private. The lawsuits could
force banks to divulge
closely guarded information,
such as how banks can de­
termine the race of a loan
applicant and how federal
bailout funds are being spent.
Spring Break Scam Warning
CRIME STOPPERS
(5 0 3 ) 823-HELP 111 S.W. 2nd Avenue, Portland, Oregon
Crimes Stoppers Tracks Assault
Portland Police and Crime
Stoppers are asking for the
public’s help in identifying a
woman accused of beating
another woman at a New
Year’s Eve party.
On Jan. 1 at about 1:30 a.m.,
the 27-year-old victim was
dancing at the City Sports Bar,
424 S.W. Fourth Ave., when
the woman smashed her in the
face with a glass and began
beating her, police said. The
assault opened a cut on the
victim ’s face requiring 37
stitches to close.
Investigators believe the
suspect was with a group of
at least three other women.
She is described as a black
female in her 20s, medium
build, 5 feet two inches, wear­
ing long curls. She might have
victims of predatory lending.
She bought her first home in
1984, receiving a 6.25 per­
cent fixed-rate mortgage.
She says she had a steady
job as a human resources di­
rector for a social services
agency, nev er m issed a
mortgage payment and main­
tained excellent credit.
In 2004, she wanted to buy
the house next door for her
son to live in. She said the
bank prom ised her a low
fixed rate for a $40,000 loan,
but at the closing, when read­
ing the fine print, she noticed
that the rate was actually 11
percent.
“I was blown away,” said
Weaver, an NAACP mem­
ber. “1 didn’t have any choice
(but to sign). ... It made me
feel violated.”
a tattoo on her right upper
arm.
The suspect may have been
assisted by another black fe­
male in her 20s who is about
4 feet six inches with a heavy
build, and straight black hair.
Police released a photo of the
suspect and her companion,
who may have been involved
or simply witnessed the as­
sault, showing them as they
appeared at the club.
Crime Stoppers is offering
a cash reward of up to $ 1,000
for information, reported to
Crime Stoppers, that leads to
an arrest in this case, or any
unsolved felony, and you re­
main anonymous. Call Crime
Stoppers at 503-823-HELP
(4357) or leave a tip online at
crimestoppersoforegon.com.
Oregon Attorney General
John Kroger is warning par­
ents about scams that in­
volve bogus stories about
kids on Spring Break getting
into car accidents, plane
crashes or going to jail after
police break up a wild party.
Con artists call in the middle
of the night and tell parents
that children on Spring Break
have been hospitalized or
jailed. Confused and worried
parents are told to wire money
to a “friend” to pay for medi­
cal help or bail.
The scam m ers can ma­
nipulate caller ID to make
their scam seem more legiti­
mate.
Parents are told they must
immediately find a 24-hour
money transfer service. By
the time parents realize they
have been scam m ed, the
money and the scammers
are gone.
K roger says p arents
should pre-arrange ways to
easrly com m unicate with
their children while on Spring
Break either by cell phone
or through trusted adults or
friends on the same trip.
Platinum Fade
S A L O N
A photo provided by police shows a woman (left)
accused o f assaulting another woman at a New
Year’s Eve party, downtown. Police said her compan­
ion (right) may have been involved or simply witnessed
the assault.
<
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