NAACP Accuses Banks of Racist Lending

     LOS ANGELES (CN) – In federal class actions, the NAACP accuses Wells Fargo Bank and HSBC Bank of “institutionalized, systematic racism in … residential mortgage loans. The pervasiveness of this discrimination has been documented in numerous empirical studies that all confirm that African Americans are substantially more likely to receive higher-rate residential mortgage loans than Caucasian borrowers with the same qualifications.”

     The NAACP is represented in both cases by Angela Ciccolo, its general counsel in Baltimore.

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