Civil rights group calls out lenders for discrimination - WMC Action News 5 - Memphis, Tennessee

Reported by Ben Watson

Civil rights group calls out lenders for discrimination

A Memphis civil rights group is calling out housing lenders, saying they are discriminating against African-Americans.

Wednesday morning the NAACP announced it filed a lawsuit against top U.S. Banks for malicious lending practices.

Wednesday's news conference follows a lawsuit the NAACP filed against 17 banks nationwide.

The lending institutions are being charged with having one set of rates for whites and a higher set of rates for African Americans.
At the courthouse, NAACP leaders, ministers, and others said that the discrimination has caused a number of African Americans to lose their homes through foreclosure.

NAACP officials said their goal is to push the 17 lenders to make amends for participating in a double standard when it comes to lending to African Americans. 

"It didn't matter what the  economic levels were. People with the same credit, same income, and the same qualifications for the loan. The only difference was the color of their skin. This discrimination was perpetuated across income levels across the country by the nation's larges banks. Today and across the nation the NNACP is standing up and speaking out and saying that enough is enough. We demand that the nations bank make amends to those African Americans," Johnnie Turner of the NAACP said.

A hearing on the NAACP's lawsuit is set for next month in Los Angeles.

Officials said nationwide, the "list" of lending institutions named in the lawsuit included companies from GMAC to Washington Mutual.

NAACP leaders are now working now to identify African American victims of predatory lending and the banks that took advantage of them.

If you feel that you have been victimized by unscrupulous lenders you can call the NAACP at 901-521-1343.

Click here to e-mail Ben Watson.

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