NAACP Drops Mortgage Lawsuit against Wells Fargo
April 8, 2010 - 11:47 AMThe NAACP is ending its lawsuit against Wells Fargo that alleged the bank was forcing blacks into subprime mortgages while whites with identical qualifications got lower rates.
The lawsuit, filed over a year ago, is among more than a dozen the National Association for the Advancement of Colored People has filed since 2007 against large financial institutions.
As part of an agreement, San Francisco-based Wells Fargo will allow the NAACP to review its lending practices. The NAACP did not seek monetary damages in its suit, but said it sought to change behavior in the mortgage-lending industry.
The NAACP remains in litigation with 14 other financial institutions, including JPMorgan Chase & Co., Citibank Inc. and HSBC Holdings PLC over allegations of unfair lending practices and lending discrimination.
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