Wells Fargo Is Baltimore’s Real Looter [View all]

[ashling]

http://reverbpress.com/justice/wells-fargo-is-baltimores-real-looter/

http://reverbpress.com/wp-content/uploads/2015/05/[e-mail]

“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.'”[div]

“’Wells Fargo mortgage had an emerging-markets unit that specifically targeted black churches, because it figured church leaders had a lot of influence and could convince congregants to take out subprime loans.’”

“More than half of Baltimore properties subject to foreclosure on a Wells Fargo loan between 2005 and 2008 are vacant, 71 percent of them in predominantly black neighborhoods. Baltimore still had the ninth-largest number of foreclosures in the country last year [2014] at 5,200.”