As she describes it, Beth Jacobson and her fellow loan officers at Wells Fargo Bank \u201crode the stagecoach from hell\u201d for a decade, systematically singling out blacks in Baltimore and suburban Maryland for high-interest subprime mortgages.<\/p>\n
These loans, Baltimore officials have claimed in a federal lawsuit against Wells Fargo, tipped hundreds of homeowners into foreclosure and cost the city tens of millions of dollars in taxes and city services.<\/p>\n
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\u2019s 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 \u201cmud people\u201d and to subprime lending as \u201cghetto loans.\u201d<\/p><\/blockquote>\n
I don’t know what bothers me more, that this happened, or that I am so unsurprised that this happened.<\/p>\n
And it ain’t just Wells.<\/p>\n","protected":false},"excerpt":{"rendered":"
And in my own backyard, no less. We now have confirmation that a number of banks, most notably Wells Fargo, specifically and disproportionately targeted blacks for high interest subprime mortgages: As she describes it, Beth Jacobson and her fellow loan officers at Wells Fargo Bank \u201crode the stagecoach from hell\u201d for a decade, systematically singling …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[967,970,969,1004,1001],"tags":[],"class_list":["post-191901","post","type-post","status-publish","format-standard","hentry","category-bigotry","category-corruption","category-evil","category-finance","category-racism"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/191901"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=191901"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/191901\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=191901"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=191901"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=191901"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}