Bank Accused of Pushing Mortgage Deals on Blacks

Ms. Jacobson’s account and that of the other loan officer who gave an affidavit, Tony Paschal, both of whom have left Wells Fargo, provide the first detailed accusations of deliberate racial steering into subprimes by one of the nation’s top banks.

So Wells Fargo tried to give black people subprimes and not the white people. My question is why would the black people go for these loans and not shop around?

Well then you're evading the REAL issue that was brought forth for your consideration, by simply blaming the victims, aren't you?

If this is true...

a recent analysis of mortgage lending in New York City, found that black households making more than $68,000 a year were nearly five times as likely to hold high-interest subprime mortgages as whites of similar or even lower incomes. (The disparity was greater for Wells Fargo borrowers, as 2 percent of whites in that income group hold subprime loans and 16.1 percent of blacks.)

Then it would behoove us to find our WHY that happened.

Why?

Because that is a fairly damning bit of evidence suggesting that some kind of institutional racism was in place to have such an outcome.

Now there might be innocuous (i.e, non racist) reasons why there is that disparity between races.

But an outcome so wildly different certainly needs investigation to understand why this happened.

Simply blaming the victims of this outcome, by asking why the Blacks didn't seek other mortgages entirely misses the point.

But whenever racism is the issue I cannot help how many people on this board suddenly rather miss the point.

Odd that.
 
Ms. Jacobson’s account and that of the other loan officer who gave an affidavit, Tony Paschal, both of whom have left Wells Fargo, provide the first detailed accusations of deliberate racial steering into subprimes by one of the nation’s top banks.

So Wells Fargo tried to give black people subprimes and not the white people. My question is why would the black people go for these loans and not shop around?

Well then you're evading the REAL issue that was brought forth for your consideration, by simply blaming the victims, aren't you?

If this is true...

a recent analysis of mortgage lending in New York City, found that black households making more than $68,000 a year were nearly five times as likely to hold high-interest subprime mortgages as whites of similar or even lower incomes. (The disparity was greater for Wells Fargo borrowers, as 2 percent of whites in that income group hold subprime loans and 16.1 percent of blacks.)

Then it would behoove us to find our WHY that happened.

Why?

Because that is a fairly damning bit of evidence suggesting that some kind of institutional racism was in place to have such an outcome.

Now there might be innocuous (i.e, non racist) reasons why there is that disparity between races.

But an outcome so wildly different certainly needs investigation to understand why this happened.

Simply blaming the victims of this outcome, by asking why the Blacks didn't seek other mortgages entirely misses the point.

But whenever racism is the issue I cannot help how many people on this board suddenly rather miss the point.

Odd that.

There is a short but accurate answer: Practical Education.

If We, The People can close the practical education gap between blacks and whites, stories like these will fade into history, where they belong.

By practical education, I don't necessarily mean college... How many of you learned how to balance a check book in high school, let alone anything at all about the power of compound interest? The fact is the two most important aspects of living a responsible, self-reliant adult life, personal finance and reproduction are still being taught at home. We are foolish to assume parents are equipped teach their kids these subjects just because they managed to have kids.

I would be curious to see similar statics regarding analysis of mortgage lending in New York City among hispanics and asians. Average family structure makes a difference in this education equation.

-Joe
 
So Wells Fargo tried to give black people subprimes and not the white people. My question is why would the black people go for these loans and not shop around?

Well then you're evading the REAL issue that was brought forth for your consideration, by simply blaming the victims, aren't you?

If this is true...

a recent analysis of mortgage lending in New York City, found that black households making more than $68,000 a year were nearly five times as likely to hold high-interest subprime mortgages as whites of similar or even lower incomes. (The disparity was greater for Wells Fargo borrowers, as 2 percent of whites in that income group hold subprime loans and 16.1 percent of blacks.)

Then it would behoove us to find our WHY that happened.

Why?

Because that is a fairly damning bit of evidence suggesting that some kind of institutional racism was in place to have such an outcome.

Now there might be innocuous (i.e, non racist) reasons why there is that disparity between races.

But an outcome so wildly different certainly needs investigation to understand why this happened.

Simply blaming the victims of this outcome, by asking why the Blacks didn't seek other mortgages entirely misses the point.

But whenever racism is the issue I cannot help how many people on this board suddenly rather miss the point.

Odd that.

There is a short but accurate answer: Practical Education.

I'm not sure that's true, really. I used to be a mortgage broker. It's damned easy to pull the wool over somebody's eyes when they've come to you for help. If there's a financial incentive to do so, many people will do it and think themselves fine people, anyway.

If We, The People can close the practical education gap between blacks and whites, stories like these will fade into history, where they belong.

Perhaps it'd help.

But a practical education won't help much when the products being sold are constantly changing...which they do in the mortgage business.
 
You're right Editec... Perhaps including a class on the market incentives behind all those nice salespeople in the various service businesses in the personal finance curriculum is in order.

Knowledge is power, baby.

-Joe
 
In other news, Caucasian puppet masters literally force blacks to sign payday loan cash advances like marionettes. *yawn*

.. and the victim-wannabe world turns.
 
In other news, Caucasian puppet masters literally force blacks to sign payday loan cash advances like marionettes. *yawn*

.. and the victim-wannabe world turns.

No in other words people with the ethical value system of scorpions rip unsuspecting people off.

If those statistics are correct some element of one-on-one or systemic racism probably explains, it, too.
 
In other news, Caucasian puppet masters literally force blacks to sign payday loan cash advances like marionettes. *yawn*

.. and the victim-wannabe world turns.

No in other words people with the ethical value system of scorpions rip unsuspecting people off.

If those statistics are correct some element of one-on-one or systemic racism probably explains, it, too.

Who forces anyone to sign a loan contract at any given interest rate? Please, spare me the blame whitey crap. If I offer you a hundred dollars for a fee of 50 bucks returned in 3 days are you going to sign your name? I'm no fan of unscrupulous business practices but acting as if "unsustpecting" people are being picked on really undermines their perogative in signing on the dotted line. If i were walking in the jungle and a puma pounced on me from above THAT would be unsuspecting. Unsuspecting is not an adjective to describe people LOOKING for loans. Again, who forced anyone to sign a contract that they didn't want to participate in? This isn't indentured servitude, dude. Racism doesn't explain shit here. Blaming racism instead of the good sense of the people signing their names is inane. Man, I wish I were black so that I could go buy a car with 35% interest and then cry racism when I can't afford the note.
 
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In other news, Caucasian puppet masters literally force blacks to sign payday loan cash advances like marionettes. *yawn*

.. and the victim-wannabe world turns.

So basically your retarded logic is as follows, the actions of these banks is not racist since no one forced these black people to take the loans, sorry Chump Gun, the fact that these banks were specifically targeting blacks for these bad loans is more that enough [roof that their actions were racist so quit tapdancing.
 
yea.. says the eternal martyr monkey looking for any reason to feel like a victim. If bank targets blacks THE FACT STILL REMAINS THAT BLACKS CHOSE TO ACCEPT THE FUCKING LOANS.

*yawn* i know i know.. blacks that are not allowed to break contracts and pay back loan money are feeling whitey's racism..


:rofl:


shouldn't you have me on block you big giant pussy?
 
yea.. says the eternal martyr monkey looking for any reason to feel like a victim. If bank targets blacks THE FACT STILL REMAINS THAT BLACKS CHOSE TO ACCEPT THE FUCKING LOANS.

Whether they accepted those loans or not, the actions of the bank were still racist you jackass, just because some blacks took the loans doesn't absolve the bank of committing racist acts.

Look at it in more practical terms since your Missouri retard brain still can't comprehend, if the Bass called you a white devil honky, would that statement be racist only if you accepted it as true?
 
yea.. says the eternal martyr monkey looking for any reason to feel like a victim. If bank targets blacks THE FACT STILL REMAINS THAT BLACKS CHOSE TO ACCEPT THE FUCKING LOANS.

Whether they accepted those loans or not, the actions of the bank were still racist you jackass, just because some blacks took the loans doesn't absolve the bank of committing racist acts.

Look at it in more practical terms since your Missouri retard brain still can't comprehend, if the Bass called you a white devil honky, would that statement be racist only if you accepted it as true?

NO, it's really not even remotely racist. Hate to break it to you, ape lips, but stores that carry malt liquor are not racist just because it's your cultural beverage, either. Hell, Don't blame your lack of self control on whitey when we all know goddamn well that had the banks RESTRICTED those loans away from you then you'd be crying racism just the same.


No banks called anyone *******, spearchucker. I can disregard your simian opinion and live life despite your poo throwing arm. THESE people chose to accept a contract and an interest rate. I never begged you for a nickname so, truly, way to convey how limited your primitive brain really is, dude. :lol:

:thup:
 
yea.. says the eternal martyr monkey looking for any reason to feel like a victim. If bank targets blacks THE FACT STILL REMAINS THAT BLACKS CHOSE TO ACCEPT THE FUCKING LOANS.

Whether they accepted those loans or not, the actions of the bank were still racist you jackass, just because some blacks took the loans doesn't absolve the bank of committing racist acts.

Look at it in more practical terms since your Missouri retard brain still can't comprehend, if the Bass called you a white devil honky, would that statement be racist only if you accepted it as true?

NO, it's really not even remotely racist. Hate to break it to you, ape lips, but stores that carry malt liquor are not racist just because it's your cultural beverage, either. Hell, Don't blame your lack of self control on whitey when we all know goddamn well that had the banks RESTRICTED those loans away from you then you'd be crying racism just the same.


No banks called anyone *******, spearchucker. I can disregard your simian opinion and live life despite your poo throwing arm. THESE people chose to accept a contract and an interest rate. I never begged you for a nickname so, truly, way to convey how limited your primitive brain really is, dude. :lol:

:thup:


So basically you're saying an act is only racist when the person who is victimized accepts it as ok, right? So if a gang of black men who hated whites stomped and beat the crap out of you and called you racist names it would be racist depending on whether you agree with it or not ? LMAO, you're running out of excuses idiot, you're once again showing how retarded you are by disagreeing only for the hell out it, your posts will no more become visible because the Bass does not feed trolls, but in the mean time, here is something for you to eat since you crave to be fed:


Dog%20Food.jpg
 
I can contest, from my days many moons ago as a loan officer, that we pushed loans onto stupid people! Most LOs didn't see shades of race, religion or color. They only saw shades of stupidity, gullibleness and what the lenders would approve! I think they took advantage of who they could. In the end most people see only one color - GREEN!
 
Whether they accepted those loans or not, the actions of the bank were still racist you jackass, just because some blacks took the loans doesn't absolve the bank of committing racist acts.

Look at it in more practical terms since your Missouri retard brain still can't comprehend, if the Bass called you a white devil honky, would that statement be racist only if you accepted it as true?

NO, it's really not even remotely racist. Hate to break it to you, ape lips, but stores that carry malt liquor are not racist just because it's your cultural beverage, either. Hell, Don't blame your lack of self control on whitey when we all know goddamn well that had the banks RESTRICTED those loans away from you then you'd be crying racism just the same.


No banks called anyone *******, spearchucker. I can disregard your simian opinion and live life despite your poo throwing arm. THESE people chose to accept a contract and an interest rate. I never begged you for a nickname so, truly, way to convey how limited your primitive brain really is, dude. :lol:

:thup:

28c15128.gif



6k70opf.gif
.
 
Whether they accepted those loans or not, the actions of the bank were still racist you jackass, just because some blacks took the loans doesn't absolve the bank of committing racist acts.

Look at it in more practical terms since your Missouri retard brain still can't comprehend, if the Bass called you a white devil honky, would that statement be racist only if you accepted it as true?

NO, it's really not even remotely racist. Hate to break it to you, ape lips, but stores that carry malt liquor are not racist just because it's your cultural beverage, either. Hell, Don't blame your lack of self control on whitey when we all know goddamn well that had the banks RESTRICTED those loans away from you then you'd be crying racism just the same.


No banks called anyone *******, spearchucker. I can disregard your simian opinion and live life despite your poo throwing arm. THESE people chose to accept a contract and an interest rate. I never begged you for a nickname so, truly, way to convey how limited your primitive brain really is, dude. :lol:

:thup:


So basically you're saying an act is only racist when the person who is victimized accepts it as ok, right? So if a gang of black men who hated whites stomped and beat the crap out of you and called you racist names it would be racist depending on whether you agree with it or not ? LMAO, you're running out of excuses idiot, you're once again showing how retarded you are by disagreeing only for the hell out it, your posts will no more become visible because the Bass does not feed trolls, but in the mean time, here is something for you to eat since you crave to be fed:


Dog%20Food.jpg

Im saying that it's not racist because no one forces blacks to consume such services. Again, stocking malt liquor in the ghetto isn't racist, it's there because BLACKS LOVE THAT SHIT MORE THAN A TODDLER LOVES MILK!

If a gang of ****** thugs wanted to discover how to get killed and put into prison (shocker, there!) then you'd call it racism were I to defend my white self anyway. How many white people have you seen go into the ghetto begging for an altercation on par with blacks in the banks BEGGING for loans? You don't. Which, Again, this is why it's pretty clear that your urban monkey brain can't handle abstract thoughts that don't involve welfare, baby mammas and chrome rims. Your analogy fails in such a spectacular way that someone should write a country song about it and immortalize this instance in human history where evolution actually leaps BACKWARDS a few monkey years, ape. Hell, you won't find a single poster, who doesn't have a skin tone reason to offer obligatory support, that will find any kind of correlation between a black family asking for a loan and a white guy being predictably thugged up in the ghetto. Maybe you can go post this shit on niggerplanet dot com and become the next quannel X or something.
 
Im saying that it's not racist because no one forces blacks to consume such services.

Specifically targeting a racial group to rip them off and exploit them is racism, no matter whether the groups accepts or rejects the exploitation and ripping off. Apparently you didn't read this:

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.



The people affected by this were affected unknowingly and did not agree to this, either your argument that the actions of the bank were not racist is still debunked you retard.





Again, stocking malt liquor in the ghetto isn't racist, it's there because BLACKS LOVE THAT SHIT MORE THAN A TODDLER LOVES MILK!

There's no proof that blacks love liquor more than whites, keep coughing up the racist stereotypes, maybe you'll choke on one and die.
 
HA! yea, dude! convenient stores probably DO sell more Colt 45 in Holywood than COMPTON! :rofl:


Again, stupid, targeting demographics is not racism: it's MARKETING. for fucks sake, are fucking toy commercials also preying on CHILDREN, you silly black bastard?

:lol:

:thup:


seriously, dude. you do your race no favors by saying dumb shit all the time.

I tellya, NOTHING says "unknowing" like signing on the dotted line before reading the fine print! Oh, shit.. my bad.. I assumed they could read. duh... evil white man keeping War and Peace from negros like that!

:rofl:
 
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Specifically targeting a racial group to rip them off and exploit them is racism, no matter whether the groups accepts or rejects the exploitation and ripping off.

They had the choice to not take the loans, they had the option to read the terms of the loans. They either couldn't understand it, which is their own faults for not getting someone to go over it for them. Or they took them and didn't appreciate the consequences. That being said, how is this a racism issue ? More like a "It's not my fault because I'm stupid" issue.

The people affected by this were affected unknowingly and did not agree to this, either your argument that the actions of the bank were not racist is still debunked you retard.

So their signatures were forged ? If one party enters into an agreement, then that's their dumbass fault when they get fucked because of it.
 
I can contest, from my days many moons ago as a loan officer, that we pushed loans onto stupid people! Most LOs didn't see shades of race, religion or color. They only saw shades of stupidity, gullibleness and what the lenders would approve! I think they took advantage of who they could. In the end most people see only one color - GREEN!

As a mortgage broker I can attest to the same damned thing.

What did I care if the mortgage went belly up?

I got my commission,
 
Well Editec, when a black person makes a stupid choice, it's never their fault ! Oh no ! That'd be racist to apply the concept of personal responsibility to a black person who made a bad choice. Yep, it's always gotta be racism.
 

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