The NAACP is claiming that Wells Fargo and HSBC discriminated against black families, by steering them toward subprime loans. I'm of a two minds on the subprime crisis. I hope that one thing that comes out of it, is that we learn not to sign contracts, which make us liable for hundreds of thousands of dollars, that we don't fully understand. Brokers, who stand to gain from the sale, don't count as independent advisers. That said, I think that the banks will need to explain this:
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.
Adam has more on the suit.
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