Wells Fargo is being dishonestly accused of targeting black Baltimore residents (Baltimoreans?) based on truly scant evidence:
As she describes it, Beth Jacobson and her fellow loan officers at Wells Fargo Bank “rode the stagecoach from hell” for a decade, systematically singling out blacks in Baltimore and suburban Maryland for high-interest subprime mortgages.
Yeah, but really, what evidence does she have?
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.”
Surely, however, the reference to “mud people” and “ghetto loans” were considered terms of banking art, though. Surely. For instance, the fact that the black/Asian area of Baltimore is called “Blackie Chan” is based on years of econometric research and the movie Rush Hour.
“We have worked extremely hard to make homeownership possible for more African-American borrowers,” wrote Kevin Waetke, a spokesman for Wells Fargo Home Mortgage. “We absolutely do not tolerate team members treating our customers or others disrespectfully or unfairly, or who violate our ethics and lending practices.”ADVERTISEMENT
Yeah, exactly! Plus, you know, all those “victims” still applied for and were only qualified for those subprime loans, and they knew what they were getting themselves-
Loan officers employed other methods to steer clients into subprime loans, according to the affidavits. Some officers told the underwriting department that their clients, even those with good credit scores, had not wanted to provide income documentation.
“By doing this, the loan flipped from prime to subprime,” Ms. Jacobson said. “But there was no need for that; many of these clients had W2 forms.”
Other times, she said, loan officers cut and pasted credit reports from one applicant onto the application of another customer.ADVERTISEMENT
There’s the banal evil of modern society – credit scores, the cancellation of Pushing Daisies – and then there’s the sort of evil that makes you wish a little bit for the days of fire hoses in the streets, because at least then you wouldn’t have to go through years of denials about racism’s existence and pervasive influence.
After many years and many server changes and finally landing here at Raw Story, which has taken very good care of us, it's time to say goodbye to Pandagon. I've been blogging under this banner for ten years, after Jesse Taylor asked me to join. He, in turn, had been running this joint since he was in college. A lot has changed since then. I became a journalist, moved from Austin to New York and learned to play Dungeons & Dragons. Jesse became a lawyer and, just this past weekend, a married man.
Carly Fiorina defends her lie with a whole bunch of lies
I do like it when Republican candidates sport a resume full of corporate executive work, because it really shows the public how many fools and idiots coast into that position not on merit but on their bullshitting abilities. Donald Trump, Herman Cain, and now we have Carly Fiorina, who just can't understand why her perceived underlings (voters, journalists) won't scurry away, pretending to accept her bullshit like former employees of hers had to do, lest they lost their jobs.
And so it goes that Fiorina, who could make this entire Planned Parenthood controversy go away by saying something like, "I may have misremembered the video, but I still think abortion is wrong," instead is doubling and tripling down. And every time she does, she lies more and more. She was on Meet the Press and, so enamored of the idea that she is perfect and could never do anything wrong, just went to town with the defensive posturing.
Marco Rubio has an astoundingly low opinion of women’s intelligence
At RH Reality Check, I covered this story that I wish was getting more press, about how Marco Rubio goes back and forth between suggesting that women who get abortions are greedy monsters who get pregnant for cash:
I just think you’ve created an industry now … a situation where very much, you’ve created an incentive for people not just to look forward to having more abortions, but being able to sell that fetal tissue for purposes—these centers—for purposes of making a profit off it, as you’ve seen in some of these Planned Parenthood affiliates.