The National Association for the Advancement of Colored People (NAACP) has brought a lawsuit against 11 major mortgage lenders, including Ameriquest Mortgage, for singling out black people for costly subprime loans.
Angela Ciccolo, an NAACP attorney, and Austin Tighe, an attorney representing the plaintiffs, confirmed that some of the 11 lenders named in the lawsuit had begun meeting with the NAACP to discuss the complaints.
The lawsuit, announced in July, names: Ameriquest, Long Beach Mortgage, HSBC Finance, Washington Mutual, First Franklin Financial, Fremont Investment and Loan, Option One, WMC Mortgage, BNC Mortgage, Encore Credit and Accredit Home Lenders.
Both sides are encouraged by the lenders actions to coming forward in hopes of addressing concerns face to face. However, they still think the past abuse is significant and a number of things would need to satisfy their concerns before they could move forward.