Patriotic Dissent

The Race Card – Does it still work?

Apparently so as the largest racist organization in America, the NAACP, is now accusing banks of giving blacks bad loans.

NAACP says bank giants steered blacks to bad loans

By JESSE WASHINGTON, AP National Writer

The NAACP is accusing Wells Fargo and HSBC of forcing blacks into subprime mortgages while whites with identical qualifications got lower rates.

Class-action lawsuits were to be filed against the banks Friday in federal court in Los Angeles, Austin Tighe, co-lead counsel for the National Association for the Advancement of Colored People, told The Associated Press.

Black homebuyers 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 refinancing, Tighe said. Blacks still were disproportionately steered into subprime loans when their credit scores, income and down payment were equal to those of white homebuyers, he said…

Amara Weaver of Milwaukee bought her first home in 1984, receiving a 6.25 percent fixed-rate mortgage. She says she had a steady job as a human resources director for a social services agency, never missed a mortgage payment and maintained excellent credit.

In 2004, she wanted to buy the house next door for her son to live in. She said the bank promised her a low fixed rate for a $40,000 loan, but at the closing, when reading the fine print, she noticed that the rate was actually 11 percent.

“I was blown away,” said Weaver, an NAACP member. “I didn’t have any choice (but to sign). … It made me feel violated.”

Similar NAACP lawsuits are pending against a dozen other subprime lenders.

“This is systematic, institutionalized racism,” Tighe said. “Once you take out factors relative to income and credit risk, the only difference between the borrowers is the color of their skin.”

What a load of crap, yet again. Meanwhile, the Queen of Race Baiting herself has been caught with her hand in the cookie jar:

Fast-forward a month later. The Wall Street Journal reported Thursday that the high-and-mighty Waters had a personal and financial stake in Boston-based OneUnited, a minority bank that received $12 million in TARP money under smelly circumstances. The banks’ executives donated $12,500 to her congressional campaigns. Her husband, Sidney Williams, was an investor in one of the banks that merged into One United. They’ve profited handsomely from their relationship with the bank:

“Congressional financial-disclosure forms show Ms. Waters acquired OneUnited stock worth between $250,000 and $500,000 in March 2004, as did Mr. Williams. Mr. Williams joined the board of OneUnited that year. Each sold shares in September 2004 — including Ms. Waters’s entire stake — but Mr. Williams continued to hold varying amount of the company’s stock. In the lawmaker’s most recent financial-disclosure form, dated May 2008 and covering the prior year, Ms. Waters reported that her husband held between $250,000 and $500,000 worth of the bank’s stock. Mr. Williams also received interest payments from a separate holding at the bank, also worth between $250,000 and $500,000. The 2008 form doesn’t specify what that is. Mr. Williams stepped down from the bank’s board last spring. It couldn’t be learned whether he still owns stock in the bank. Mr. Williams didn’t return calls seeking comment.”

Disgusting politics, reminds me of Chicago somehow.

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