Subprime loans target black churches, at taxpayers expense!!!-2/3

Former Wells Fargo Subprime Loan Officer: Bank Targeted Black Churches as Part of Predatory Subprime Lending Scheme

Up until two years ago, Elizabeth Jacobson was the top producing loan officer in the subprime division at Wells Fargo. Today she is speaking out against the practices of her former company. Earlier this summer, she filed a sworn affidavit with a federal court in support of the city of Baltimores lawsuit against Wells Fargo for pushing high-interest, subprime loans onto African Americans in Baltimore and the Maryland suburbs, leading hundreds into foreclosure. [includes rush transcript]

Category:

News & Politics

Tags:

• subprime
• loans
• african
• american
• black
• wealth
• housing
• penny
• chicago
• obama
• democracy
• now

[subprime2006]

It is fair to say that banks do not target a specific group but they target the "less informed and educated" clients. The only color that bank look for was and is GREEN. Subprime market is not totally dead, FHA is the new subprime that requires "REAL" income. From 2004 to the middle of 2007 when "STATED INCOME" for W-2 was one of the main reason for current situation. Oh, "FAST & EASY" program from Countrywide Home Loan did its part.

[smellyfooty]

HOW?! do "black" churches get "Charged" when ALL churches are tax-free?

ALL CHURCHES should be taxed!

like anything else!

[btigtime2]

Know that is real racism

[fortruthandlove]

This is true. I witnessed this on both sides, victim and victimizer.

[swankrecords]

creepy.

[allgoo19]

Capitalism without a regulation is like a legal bandit.