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Bias Accord as Harbinger

Date: April 21, 2010
Author: Bob Tedeschi
QUOTE: A DECISION this month by the National Association for the Advancement of Colored People to drop its racial-discrimination lawsuit against Wells Fargo in exchange for a say in reviewing its lending practices could set the stage for similar agreements with other big mortgage lenders, some experts say. From 2007 to 2009, the N.A.A.C.P. filed suit against 15 lenders, accusing them of offering high-cost loans to many black borrowers during the subprime lending boom, even though many of the applicants could have qualified for lower interest rates and closing costs.

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