Tag Archives: subprime crisis

The NAACP is suing two major banks, claiming they engaged in racist lending practices. The NAACP filed lawsuits Friday against two of the nation’s largest mortgage lenders — HSBC and Wells Fargo — alleging “systematic, institutionalized racism” in their subprime lending.NAACP CEO Benjamin Jealous says, “We are not seeking damages; we just want them to fix the problem.” We have …

The shit is getting deep downtown. Bear Stearns, facing a grave liquidity crisis, reached out to JPMorgan on Friday for a short-term financial lifeline and now faces the prospect of the end of its 85-year run as an independent investment bank. With the support of the Federal Reserve Bank of New York, JPMorgan said in a statement that it had …