Wells Fargo: Too Big to Jail?

[dreamdancer 0]

there's a word for this...

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Everyone wants the economy to bounce back, and the President’s not wrong to believe that the way to revive things is to boost confidence.

But if mass confidence is what it’s gong to take, the people at the bottom of our economic pyramid need hope -- not only that they’ll have jobs again and homes to keep – but protection against mortgage crooks – and restitution if they’ve been scammed.

The city of Baltimore is currently pursuing a suit against Wells Fargo.

Wells Fargo stands accused of disproportionately denying minority consumers favorable loans while targeting them for subprime ones with high interest rates, mandatory arbitration clauses and punitive prepayment penalties.

In court papers, Elizabeth Jacobson, who was one of Wells Fargo's top loan officers said, "Wells Fargo mortgages 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."

According to another bank officer, the bank even used software, “to translate marketing materials into various languages, including something called "African American." Tony Paschal (that second loan officer,) contends that the subprimes had sub-names -- "ghetto loans" -- their recipients "mud people."

This isn’t small stuff. It’s huge. Wells Fargo has faced similar complaints since the 1990s and Baltimore’s just one example. Similar suits have been filed in Texas, Tennessee, and California. And Wells Fargo which denies the charges, is not alone. Joining them are most if not all of the nation's top bailout recipients including Chase Manhattan and Citigroup.

http://www.alternet.org/blogs/video/140555/wells_fargo%3A_too_big_to_jail/#more

stay away from moving propellers - they bite
blue skies from thai sky adventures
good solid response-provoking keyboarding

[Rookie120 0]

Ok lets see what Alt.org told this guy today!

If you find yourself in a fair fight, your tactics suck!

[carmenc 0]

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Ok lets see what Alt.org told this guy today!

In fairness, alt. just ripped it off from The Nation. It does seem to be a legitimate story.

[dreamdancer 0]

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there's a word for this...

and that word, of course, is racism

stay away from moving propellers - they bite
blue skies from thai sky adventures
good solid response-provoking keyboarding

[TomAiello 25]

Hey, I've got an idea. They're doing such a good job that we ought to reward them with billions of taxpayer dollars!

-- Tom Aiello

[email protected]
SnakeRiverBASE.com

[Bolas 5]

Yes. They were forced at gunpoint to accept these mortgages byt these evil banks. Their children held hostage until they signed.

When I started looking for a house 4-5 years ago they want to preapprove me for $300-$400k. I told them no, cuz I wanted to be able to eat. They tried to convince me to get an ARM too saying having equity in the house was "wasting" it.

I did my homework and did not just believe what the salesperson told me.

Everyone got the high credit ARM push. That includes inner city minorities. If they are victims of anything, it's their own greed or not looking for other options.

The funny thing a few years back, banks were being sued for not providing loans to lower income high risk groups such as inner city minorities.

Damned if ya do, damned if ya dont...

Stupidity if left untreated is self-correcting
If ya can't be good, look good, if that fails, make 'em laugh.

[dreamdancer 0]

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If they are victims of anything, it's their own greed or not looking for other options....

so racism is ok with you?

stay away from moving propellers - they bite
blue skies from thai sky adventures
good solid response-provoking keyboarding

[TomAiello 25]

Forcing poor people to take loans to support the greedy capitalist machine is ok with you?

-- Tom Aiello

[email protected]
SnakeRiverBASE.com

[dreamdancer 0]

racism is racism whether it's within the greedy capitalist, socialist, or libertarian machines
(and there is obvious racism on display here - 'mud people')

stay away from moving propellers - they bite
blue skies from thai sky adventures
good solid response-provoking keyboarding

[simplyputsi 0]

I have no idea if this story is true or not. However are you telling me that in all the offices where these "ghetto loans" are being given that there is not one minority or black person employed? I'm betting if someone did actual research they would find that in fact black people do and did work in the offices supplying these loans and more than likely had direct contact with some of the customers.

Or I guess it is entirely possible that not one black person works in all those offices. And surely if they did they weren't allowed to know anything about the actual business that was going on there. right??

Skymama's #2 stalker -

[dreamdancer 0]

and when they complained they would have been sacked.

stay away from moving propellers - they bite
blue skies from thai sky adventures
good solid response-provoking keyboarding

[Bolas 5]

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I have no idea if this story is true or not. However are you telling me that in all the offices where these "ghetto loans" are being given that there is not one minority or black person employed? I'm betting if someone did actual research they would find that in fact black people do and did work in the offices supplying these loans and more than likely had direct contact with some of the customers.

Or I guess it is entirely possible that not one black person works in all those offices. And surely if they did they weren't allowed to know anything about the actual business that was going on there. right??

All the important decisions were made in the bathroom and they had "seperate but equal" facilities for them...

Stupidity if left untreated is self-correcting
If ya can't be good, look good, if that fails, make 'em laugh.

[Bolas 5]

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Forcing poor people to take loans to support the greedy capitalist machine is ok with you?

Who was forced? Sales people can't "make" someone buy something.

Stupidity if left untreated is self-correcting
If ya can't be good, look good, if that fails, make 'em laugh.

[dreamdancer 0]

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Forcing poor people to take loans to support the greedy capitalist machine is ok with you?

Who was forced? Sales people can't "make" someone buy something.

if the numbers are as this article suggests then there has been a pretty systematic defrauding of the black community

(in other words affirmative action for the white population)

stay away from moving propellers - they bite
blue skies from thai sky adventures
good solid response-provoking keyboarding

[TomAiello 25]

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Forcing poor people to take loans to support the greedy capitalist machine is ok with you?

Who was forced? Sales people can't "make" someone buy something.

It was a spoof on how Dreamdancer takes other people's words and then makes up some random accusation to throw at them, followed by a smiley, and usually then a parenthetical aside.

Let me try another one...hang on a second.

-- Tom Aiello

[email protected]
SnakeRiverBASE.com

[TomAiello 25]

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in other words affirmative action for the white population

So you're in favor of racism as long as it benefits you?
(see how it's done bolas?)

-- Tom Aiello

[email protected]
SnakeRiverBASE.com

[Bolas 5]

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Forcing poor people to take loans to support the greedy capitalist machine is ok with you?

Who was forced? Sales people can't "make" someone buy something.

if the numbers are as this article suggests then there has been a pretty systematic defrauding of the black community

(in other words affirmative action for the white population)

I've noticed that all you're cries of racism are for poor black people, generally from the inner city.

There are other ethnic groups too in similar situations, including caucasians, latinos, asians...
They also bought into these ARMs.

Do you not care about them?

Or is it because including them shows that it wasn't racially motivated.

Stupidity if left untreated is self-correcting
If ya can't be good, look good, if that fails, make 'em laugh.

[Bolas 5]

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in other words affirmative action for the white population

So you're in favor of racism as long as it benefits you?
(see how it's done bolas?)

Thanks. I'm still new in here...

Maybe not him but his sources seem to take unfortunate situations that effect multiple races and then focus solely on the black people so they can cry racism.

Stupidity if left untreated is self-correcting
If ya can't be good, look good, if that fails, make 'em laugh.

[jerryzflies 0]

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Forcing poor people to take loans to support the greedy capitalist machine is ok with you?

Who was forced? Sales people can't "make" someone buy something.

if the numbers are as this article suggests then there has been a pretty systematic defrauding of the black community

(in other words affirmative action for the white population)

I've noticed that all you're cries of racism are for poor black people, generally from the inner city.

There are other ethnic groups too in similar situations, including caucasians, latinos, asians...
They also bought into these ARMs.

Do you not care about them?

Or is it because including them shows that it wasn't racially motivated.

Some time ago the federal government put in place the "3-day rule" allowing people 3 days to back out of contracts within 3 days for certain transactions from which 1st mortgages were excluded for reasons I don't understand - probably lobbyist pressure. Now, I doubt the feds would have bothered unless there was very good evidence of inappropraite pressure exerted on buyers by unscrupulous salespersons.

And there is very good evidence that many of the mortgage brokers who helped create this fiasco were unscrupulous.

If you can't fix it with a hammer, the problem's electrical.

[jerryzflies 0]

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in other words affirmative action for the white population

So you're in favor of racism as long as it benefits you?
(see how it's done bolas?)

Thanks. I'm still new in here...

Maybe not him but his sources seem to take unfortunate situations that effect multiple races and then focus solely on the black people so they can cry racism.

The article (from The Nation) does suggest that black communities were specifically targeted. I guess the truth will come out in court.

If you can't fix it with a hammer, the problem's electrical.

[Bolas 5]

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in other words affirmative action for the white population

So you're in favor of racism as long as it benefits you?
(see how it's done bolas?)

Thanks. I'm still new in here...

Maybe not him but his sources seem to take unfortunate situations that effect multiple races and then focus solely on the black people so they can cry racism.

The article (from The Nation) does suggest that black communities were specifically targeted. I guess the truth will come out in court.

I'm sure they weren't the only groups targeted. I'm sure many demographic groups were targeted. Greed knows no color.

Were the lenders unscrupulous? Possibly. Were the people that signed with them misled? Maybe. Should the lendees done some research? Definitely.

Stupidity if left untreated is self-correcting
If ya can't be good, look good, if that fails, make 'em laugh.

[jerryzflies 0]

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in other words affirmative action for the white population

So you're in favor of racism as long as it benefits you?
(see how it's done bolas?)

Thanks. I'm still new in here...

Maybe not him but his sources seem to take unfortunate situations that effect multiple races and then focus solely on the black people so they can cry racism.

The article (from The Nation) does suggest that black communities were specifically targeted. I guess the truth will come out in court.

I'm sure they weren't the only groups targeted. I'm sure many demographic groups were targeted. Greed knows no color.

.

You can be sure of whatever you like, but the court filing by the City of Baltimore says:

"Wells Fargo mortgages 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."

If you can't fix it with a hammer, the problem's electrical.

[Bolas 5]

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You can be sure of whatever you like, but the court filing by the City of Baltimore says:

"Wells Fargo mortgages 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."

And you think there wasn't a similar group deploying similar tactics for the latino churches, etc.?

Groups get targetted all the time for marketting efforts. It's what marketers do.

If you take away the morality issues, it's genius marketing.

Snow job one preacher (or buy him off) and you get a whole congregation.

Stupidity if left untreated is self-correcting
If ya can't be good, look good, if that fails, make 'em laugh.