NAACP blamed lenders for foreclosure mess

Posted on July 9, 2008
Filed Under Foreclosure Homes | Leave a Comment

NAACP or the National Association for the Advancement of Coloured People are accusing lenders for bias in peddling sub-prime mortgages that led to this foreclosure mess to the minorities, especially the Afro-Americans. The association champions social justice and fought heard to make the voice of Afro-America be heard. It has been doing this laudable work for over a century. The negative aspect of American society has largely been changed because of their tenacity and dedication. It has fought for equality in all fields – politics, society, economy and for the toning down of racial hatred and discrimination.
The officials of NAACP recently accused some of the jumbo lenders of resorting to discriminatory mortgage. A series of protests were staged in Baltimore and other cities right across the nation.
In 2007 NAACP had taken legal action against 17 important lenders. The contention was that Afro-Americans were made to swallow higher interest in comparison to the Whites. The other terms were also unsatisfactory. This was solely because of the race factor. The lenders however have strongly denied the charges. But NAACP continued to assert that the foreclosure mess, based on discrimination, had completely changed the lives of Afro-Americans. Their dreams of owning houses had turned into the nightmare of foreclosures.
Doc Cheatham, one of the prominent spokespersons of the organization said that house ownership is something much more than not paying rent. It is the pivotal factor for building up wealth that steers the family through the hurdles of survival like education and retirement benefits. Unfortunately this discrimination is stopping the onward march of the minorities. They feel that the lenders should rectify the mistakes done and stop the discrimination “once and for all”. This was the strong view of Baltimore Democrat, Jill P. Carter.
Labour leaders, clerics and politicians joined the NAACP on what they termed as the national day of action on the foreclosure issue. The agitators held aloft banners flaunting slogans like “Don’t discriminate! Offer the same rate!” The colour of the skin should not be criteria for being made to swallow bad loans. Brian Kabateck dealing with the suit said, “They had the same credit, the same income and the same qualifications, but because they were African-Americans, they were ripped off.”
The defendants of the suits comprised of the names of some of the top lenders of USA – Washington Mutual, CitiMortgage, HSBC Finance Corporation, JP Morgan Chase etc.

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