NAACP suit claims blacks steered into higher-cost loans

The NAACP, or National Association for the Advancement of Colored People, has filed a lawsuit against more than a dozen lenders seeking class-action status to represent African Americans who were allegedly steered into higher-cost subprime loans because of their race.

The suit did not name individuals who had been harmed, but cited studies based on mortgage loan data collected by the Federal Reserve that show minorities are more likely to take out higher-cost loans than whites. more...

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