I know, I know; everyone’s talking about the Jon Stewart-Jim Cramer confrontation Thursday night. Yes, it was entertaining, and yes, Stewart made some great
“„Class-action lawsuits were to be filed against the banks Friday in federal court in Los Angeles, Austin Tighe, co-lead counsel for the , told The Associated Press.
“„Black homebuyers have been 3 1/2 times more likely to receive a than white borrowers, and six times more likely to get a subprime rate when refinancing, Tighe said. Blacks still were disproportionately steered into subprime loans when their , income and down payment were equal to those of white homebuyers, he said.
“„Amara Weaver of Milwaukee bought her first home in 1984, receiving a 6.25 percent fixed-rate mortgage. She says she had a steady job as a human resources director for a , never missed a mortgage payment and maintained excellent credit.
“„In 2004, she wanted to buy the house next door for her son to live in. She said the bank promised her a low for a $40,000 loan, but at the closing, when reading the fine print, she noticed that the rate was actually 11 percent.
“„“I was blown away,” said Weaver, an NAACP member. “I didn’t have any choice (but to sign). … It made me feel violated.”
“„Similar NAACP lawsuits are pending against a dozen other .