The Lenders: Ameriquest, Wells Fargo, Fremont, Option One, WMC Mortgage, Countrywide, Long Beach Mortgage, CitiGroup, BNC Mortgage, Accredited Home Lenders, Encore, First Franklin, HSBC, Washington Mutual
* This lawsuit is designed to stop these lenders from engaging in systematic, institutionalized racism in making home mortgage loans.
* In a 2006 study, the Center for Responsible Lending found that when creditworthiness and credit risk were equal, African-Americans were still 31 percent to 34 percent more likely to receive higher rate, more expensive subprime loans than Caucasians.
* The National Community Reinvestment Coalition revealed that lenders on average made high-cost subprime loans to higher-qualified African-Americans 54% of the time, compared to 23% of the time for Caucasians, even when the Caucasian applicants were less qualified.
* These and other studies demonstrate that African-American homeowners are paying higher mortgage interest rates than their Caucasian counterparts.
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