Tag Archives: subprime crisis

NAACP Sues Mortgage Lenders

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 …

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The End Of Bears Stearns?

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 …

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