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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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