Bank Accused of Pushing Subprime Deals on Blacks


	Bank Accused of Pushing Subprime Deals on Blacks

chestnut501

6-7-2009 6:10 AM

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chestnut501 says:

The City of Baltimore is suing Wells Fargo Bank over its mortgage lending practices in black neighborhoods.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/cc6d8a84-591e-497a-9c13-d99d81f44280/282CCEBD-0FFF-4AE5-AD9F-72EFDE184E88/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.nytimes.com/2009/06/07/us/07baltimore.html" href="http://www.nytimes.com/2009/06/07/us/07baltimore.html" style="font-size: 11px;">www.nytimes.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/06/07/us/07baltimore.html">
<P>As she describes it, Beth Jacobson and her fellow loan officers at Wells 
Fargo Bank “rode the stagecoach from hell” for a decade, systematically singling 
out blacks in Baltimore and suburban Maryland for high-interest subprime 
mortgages. </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/06/07/us/07baltimore.html">
<P>These loans, Baltimore officials have claimed in a federal lawsuit against <A 
title="More information about Wells Fargo &amp; Co" 
href="http://topics.nytimes.com/top/news/business/companies/wells_fargo_and_company/index.html?inline=nyt-org">Wells 
Fargo</A>, tipped hundreds of homeowners into foreclosure and cost the city tens 
of millions of dollars in taxes and city services. </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/06/07/us/07baltimore.html">
<P>Wells Fargo, Ms. Jacobson said in an interview, saw the black community as 
fertile ground for subprime mortgages, as working-class blacks were hungry to be 
a part of the nation’s home-owning mania. Loan officers, she said, pushed 
customers who could have qualified for prime loans into subprime mortgages. 
Another loan officer stated in an affidavit filed last week that employees had 
referred to blacks as “mud people” and to subprime lending as “ghetto 
loans.”</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/282CCEBD-0FFF-4AE5-AD9F-72EFDE184E88/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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