Posted on 07/12/2012 3:09:21 PM PDT by Olog-hai
No 1. home lender Wells Fargo & Co. has agreed to pay at least $175 million to settle federal allegations that it systematically overcharged minorities during the frenzied housing boom, including steering African Americans and Latinos into more expensive subprime mortgages.
The agreement was announced Thursday by the Justice Department, which described it as the second-largest fair-lending settlement in the department’s history.
(In the largest, reached last December, Bank of America Corp. agreed to pay $335 million to settle claims against Countrywide Financial Corp., the aggressive Calabasas lender it acquired in 2008.)
Asst. Atty. Gen. Thomas E. Perez said “a simple story” was at the core of the Justice Department’s complaint against Wells Fargo.
“If you were African American or Latino,” Perez said in prepared remarks, “you were more likely to be placed in a subprime loan or pay more for your mortgage loan, even though you were qualified and deserved better treatment.” …
(Excerpt) Read more at latimes.com ...
It would have been nice if the article shown what evidence (if any) supported that allegation.
Was there any evidence....or did Wells simply fold out of fatigue?
If there were, blacks would have had a lower default rate.
The fact that blacks have historically had higher default rates than any other group means that blacks were held to lower lending standards, getting loans they shouldn't have gotten at lower rates than they should have gotten.
But racism requires no evidence.
You are guilty of racism merely by being accused of it.
Apparently it’s discriminatory to take into consideration the likelyhood that the bank’s collateral will be burned to the ground by rioters, or the property will become worthless due to the area becoming uninhabitable because of gang activity.
Extortion.
Apparently it’s discriminatory to take into consideration the likelyhood that the bank’s collateral will be burned to the ground by rioters, or the property will become worthless due to the area becoming uninhabitable because of gang activity.
The “downpayment supplements” will produce a new batch of loans that will have high default rates. But.. hey.. that’s the intent.
Yep, pure and simple. Several decades now.
First the government passes a law to force the banks to lend to less-qualified minorities. Then it sues them for doing just that. No wonder banks are so eager to start handing out mortgage loans again.
not getting the loan= “redlining”
getting the loan= “predatory lending”
Precisely. I recall people putting up flyers in the area of Jersey City NJ spreading the propaganda about supposed “redlining” back in the very early 90s. Now where are we?
No evidence required when the true objective is wealth redistribution in the form of back door Stealth Reparations.
Remember - It's not the validity of the claim, it's the seriousness of the charges!
You are especially guilty of racism if you have a good job, and really really REALLY guilty of being a racist if you are white/other.
Abuse of statistics and why the collection of racial information is anti-American. It's just like gun registration as it will be used against you. Compliance brings disaster.
Extortion by barney frank, chris dodd and janet reno.
All three of them have been allowed to walk.
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