Loan Officers Detail Wells Fargo's Blatantly Racist Subprime Loans

[Swede]

Holy cow!

Meet Beth Jacobsen and Tony Paschal, two of Wells Fargo's top subprime loan officers, who recently gave affidavits detailing the bank efforts to needlessly steer minority Baltimore families into subprime loans. The banks shady dealings include setting up a special unit to target "mud people" with outrageously expensive "ghetto loans;" targeting black churches leaders because they "had a lot of influence and could convince congregants to take out subprime loans;" and offering cash bounties to loan officers who issued subprime loans to minority communities. And it gets so much worse...

http://consumerist.com/5281961/loan-officers-detail-wells-fargos-blatantly-racist-subprime-loans

[MadMaddie]

1. This should be a class action suit and it should bring

this damn bank to it's knees. They are not the only ones.

The article eludes to the fact that the families were well qualified for standard fixed loans but they were pushed into these subprime loans by Wells.

Good Riddance!! I used to bank with them and their service sucks too!!

[dkf]

2. So when did she realize she was being unethical?

Its funny they whistleblow after all the damage has been done, and they whistleblow on their own bad behavior?

I hope she gives away everything she has as penance for her sins. It really is ill gotten gains.

[NorthernSpy]

3. These parasite bankers are destroying everything.

Why do we let them?

[gratuitous]

4. Where's the blame the victim squad?

It's getting so that the folks blaming the sheep who got fleeced are getting tardier and tardier these days.