NAACP Sues Two Major Mortgage Lenders

CNN reported that on March. 13, the NAACP filed lawsuits against Wells Fargo and HSBC alleging "systematic, institutionalized racism" in their sub prime lending.

The two companies allegedly gave African-Americans sub prime rates when they qualified for better rates and as a result African-Americans have been hit harder than others in the recent mortgage crisis.

Both Wells Fargo and HSBC deny allegations of racism.

This type of racism, the institutionalized form, is not found nearly as often as others. If it is found that the allegations are true, these two companies, likely already in financial struggle, will have to pay both financially and also in terms of company reputations.