Racist Banks?
There is further bad news for banks today which must feel like getting kicked whilst you are down already.
A lawsuit, filed 2007 in Florida alleged that banks targeted black borrowers into taking sub-prime loans.
The National Association for the Advancement of colored People has recently filed some paperwork to speed up the class-action lawsuit. NAACP general counsel Angela Ciccolo states that “This isn’t just about justice for the victims. This case is about making sure that this kind of discrimination is stamped out for good.”
The filling alleges that black people were more likely to end up taking out a loan than their white counterparts and this is the first time so many mortgage lenders have been connected to racial discrimination which includes financial institutions such as JP Morgan and Bear Stearns.
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