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Justice Dept. Probes Mortgage Lending Discrimination

HeadlineJul 27, 2007

In economic news, the Justice Department has launched an investigation into several alleged cases of discriminatory practices in mortgage lending. The National Community Reinvestment Coalition recently found that African Americans were twice as likely as white applicants to receive loans with expensive, above-market rates. The investigation follows a class action lawsuit from the NAACP accusing subprime mortgage lenders of institutionalized, systematic racism. Lenders named in the suit include Wells Fargo, Citigroup and Washington Mutual.

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