Bailout Mortgage Plan is too Little too Late
Los Angeles, California--The NAACP, which filed a class action lawsuit in July against a dozen major subprime lenders alleging institutionalized racism in lending practices, says President Bush's plan to freeze introductory mortgage rates for five years won't help the vast majority of African Americans who have already been victimized by discriminatory lending practices. (National Association for the Advancement of Colored People, et al vs. Ameriquest Mortgage Company, A Corporation, et al. July 11, 2007, Los Angeles Federal Court, Case No. SACV 07-0794)
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