City Sues Wells Fargo
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Hundreds of foreclosed homes in black neighborhoods resulting in millions of dollars of tax losses are the result of predatory lending, argues a federal lawsuit to be filed today by Baltimore City against one of the country’s largest mortgage lenders.
The lawsuit accuses Wells Fargo Bank of targeting black homeowners in Baltimore with high-interest loans and deceptive lending practices, costing the city millions in tax dollars and resulting in one of the highest foreclosure rates of any lender in the city.
“We can make the case that African-American homeowners were targeted by Wells Fargo with inferior mortgage products, and we have evidence that some of this practice may be illegal,” Sterling Clifford, spokesman for Mayor Sheila Dixon, said Monday.
Citing “reverse redlining,” the suit alleges the bank targets black neighborhoods. The practice resulted in a foreclosure rate for the bank four times higher in the city’s predominantly black neighborhoods compared to white neighborhoods, the suit alleges.
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According to Mortgage Daily, a trade publication, Wells Fargo originated $79 billion in residential mortgages in the fourth quarter of 2007, making it the county’s second-largest mortgage lender.
{snip}
Since 2000, Wells Fargo has foreclosed on 313 homes in Baltimore, the suit says.
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Email Stephen Janis at sjanis@baltimoreexaminer.com.
(Posted on January 8, 2008)
Comments
OK, let me see if I understand this. Banks are racist when they don’t lend money to high-risk Blacks. Banks are also racist when they lend money to high-risk Blacks.
Got that straight? Let’s try another: Universities are racist when they don’t admit low-achieving blacks. Universities are racist when they admit low-achieving blacks who fail to graduate.
Posted by at 6:03 PM on January 8
So, the banks can’t win for losing. Either they redline ,and get sued, or they encourage business in areas they would redline, and get sued.
Posted by St. Louis CofCC Blogmeister at 6:15 PM on January 8
And these blacks will win..if they don’t they will riot in the streets for weeks….that’s what they do when they don’t get their own way ya know!!
Posted by lydia at 6:22 PM on January 8
Wells Fargo was one of the first banks to accommodate illegals. Ihope they go belly up some day!
I think a good defense attorney will punch holes in this empty lawsuit. I believe banks fund mortgages to make money, not lose money. The interest rate assigned has a lot to do with credit history. Another situation where the white taxpayer will bear the burden.
Posted by GetBackJack at 7:06 PM on January 8
I hope that the Urban League types win big time against Wells-Fargo. This is not because I agree with their twisted logic (one can, with only a modest amount of intelligence work out a family budget on a Burger King napkin) but simply because Wells-Fargo like many other banks in their greed driven quests are in fact guilty big time of another crime, that being providing mortgages and other financial services to illegal aliens.
Posted by Flaxen-headed Strumpet at 7:51 PM on January 8
No matter what you think of blacks, you’ve got to hand it to them. They’ve got the “catch 22” game down to an art. And these White fools keep falling for it!!
Posted by Tom S at 7:51 PM on January 8
My guess is Wells Fargo will opt for a trial in front of a judge rather than a jury because WF, like me, doubts that Whites on the jury will respect a traditional business model.
Posted by White Gene at 7:59 PM on January 8
My God! I can’t imagine why anyone should want to buy a house in Baltimore City.
That said, Wells Fargo and it’s insane accomodation of illegal third world criminal predator aliens, deserves what it gets.
Posted by at 8:00 PM on January 8
313 foreclosures since 2000?
That’s just a tad over 44 a year. Hard to believe that in a city of Baltimore’s size that only one mortgage fails per week.
There’s a town of 30,000 15 miles west of me in northeastern Illinois that had that many foreclosures the last two years. That’s not a huge deal except - WHOOPS - the town is largely White. I guess that doesn’t count.
Posted by Annoyed In Illinois at 8:27 PM on January 8
Damned if you do; damned if you don’t. Is there any winning with these people?
Posted by at 8:41 PM on January 8
Wells Fargo promotes non-White immigration, and blond woman/very Black man race mixing, judging from the posters they showcase in their branches. I don’t care if some shysters take them to court. I only wish they could make the bankers personally liable for these imaginary offenses.
Posted by Schoolteacher at 8:49 PM on January 8
I actually agree with this lawsuit. What is going on here is that banks have been giving out loans to people who don’t qualify (almost exclusively blacks, since, if you are white, they won’t give you the same loans) as a form of affirmitive action. Instead of focusing on making a profit, these companies are working towards “social justice”. Lo and behold, there is good reason these people do not qualify for those loans and they do, in fact default. Now, those banks should be forced to pay the consequences for that and go out of business. Just to add insult to injury, we should let the recipients of their largess bite the hand that fed them, so to speak and loot those companies for a big fat payday. Why? To teach them a lesson.
Understand something. It’s not just homes in black neighborhoods. It’s homes in YOUR neighborhood. They wanted to allow blacks to “afford” to move into a home next to YOURS, where they normally could never qualify for the loans. Mostly, this drove up the cost for good people looking to buy a home, due to unfair competition. A normal, healthy person does not take out a loan they cannot afford. When they have to compete with some chucklehead acting irresponsibly, the price gets driven up. Many people got priced out of the homes they should have been able to buy. Blacks moved into those homes and immediately started destroying the neighborhood, bringing in those problems that blacks always bring. Now, they are defaulting on those homes. The lenders should be forced to pay the price for that.
Posted by at 8:59 PM on January 8
Yep, you know the Blacks basically want the banks to give them the money to pay for their houses since, they can’t steal houses. More Black shennanigans designed to get something for nothing, and there’s no shame in whining, crying, threatening, begging, or doing anything to get out being held responsible for self-created problems.
Don’t bother me,or other normal people. You cried “wolf” too many times. for me to react in any way other than to yawn. and ignore the latest 24/7 ‘Black Crisis’.
Posted by at 9:14 PM on January 8
Since blacks can’t be inferior, they also can’t have higher rates of defaults, this is the PC logic law.
Posted by at 10:16 PM on January 8
You know, with all that money Jesse Jackson has bamboozled out of Whites and Asians, why don’t they start “The Black Bank?”
That way, JJ & Friends can set ANY lending criteria they want; if they are correct, they will become RICH, if not, well, at least Whitey wasn’t involved…
Posted by at 10:35 PM on January 8
Just the other day I read an article in the “Detroit News”, that reported on a plan concerning a 5 year moratorium on forclosures in Detroit. You know - to “…give a bro a little time to make the house payment….” I should submit the article for review on this website.
Posted by at 11:27 PM on January 8
There is an interesting assumption behind this lawsuit. Here, we have an example of one of the most liberal city governments in the country, in a state (Maryland) that has been in the grip of the Democratic party practically forever, going after the “deep pockets” of Wells Fargo, not because blacks were financially taken advantage of, but because the city lost tax revenue. The implicit assumption behind this lawsuit is that blacks are mentally incapable of making financially responsible decisions. How ironic! The Baltimore City government knows implicitly that it presides over a permanent underclass of imbeciles who will never be able to provide the necessary tax base to keep its welfare state apparatus functioning, so it has to find evil corporations to sue in order to keep its corrupt machine going.
Posted by Cato at 11:33 PM on January 8
“You know, with all that money Jesse Jackson has bamboozled out of Whites and Asians,…”
Uh…be careful when you lump the whites with the asians. Whites
can be bamboozled ( paying higher taxes as a result ). Asians and jews generally do NOT get bamboozled; its simply not in their genetic behavorial repertoire. They do go along, however, for practical, realistic, and entirely utilitarian reasons; in the same way that corporate tort defendants pay out to avoid a jury trial,which could bankrupt them.
Posted by at 1:39 AM on January 9
“You know, with all that money Jesse Jackson has bamboozled out of Whites and Asians,…”
“Asians and jews generally do NOT get bamboozled”
http://www.cnsnews.com/Politics/Archive/200108/POL20010815a.html
“Jesse Jackson’s latest corporate deal, which has Toyota Motor Sales USA agreeing to spend nearly $8 billion over 10 years to increase minority participation in the company, is being attacked by conservative groups who say Jackson continues a “shameless” pattern of “shaking down” corporate America for “private gain.”
Posted by at 9:06 AM on January 9
Wells Fargo has yet to encounter a known Hispanic illegal they wouldn’t shamelessly pander to in every conceivable way they can and this includes gang members…
Posted by at 10:39 AM on January 9
The solution is easy. Affirmative Action Accounting.
Just as we have different (but of course equal) admission policies for Africans at every college, we only need different (but of course equal) application policies for Africans for home mortgages.
We can have African monitors during the entire process who will look out for the “interest” of the applicant. This monitor will be accountable to EEOC and any and all Federal Housing Authorities, (but paid for by the Bank at a salary equal to the branch managers salary and perks).
This African monitor will assist the African applicant. In addition, this loan must be purchased by Fannie Mae/ Fammie Mac.
The Bank may not forclose during the life of the loan and must make all reasonable, equal and fair attempts to prevent harrassment of the applicant if the payments are in arrears. In addition, Principal and Interest insurance must be provided, at the Bank’s cost, to guarantee payments over the life of the loan.
Things like this will assure that we are all treated equal and
that NO PERSON is discriminated against. This will be provided to all those who have a need or who come from a community who suffered in the past from the legacy of slavery or banking discrimination, even if they are new refugees or immigrants.
All this is to ensure equality for all. (“ALL” not to include white males.)
Posted by LOGIC at 11:25 AM on January 9
$8 Billion! Toyota is getting bamboozled, big time.
Posted by at 2:45 PM on January 9
1. Banks don’t fund loans,the borrowers actually create the funds! The (private) Federal Reserve bank doesn’t allow member
banks to loan depositors funds. They are not allowed to loan credit, so all loans must be funded by the (borrower) who is actually the real creditor!!!
Soooo, it’s the big banking scam in action!
Posted by Fisherman at 8:17 PM on January 9
Watch HBO’s “The Wire” The show gives a very clear view into the destructive ghetto black culture and the corrupt black politicians that rule the city of Baltimore. I don’t know the motivation of the producers and writers, as most tend to the left side of the dial, so maybe this is there way of trying trying for more white guilt. However I find just the opposite, the show is great warning to White America, this could be your city soon.
Posted by at 11:03 PM on January 9
This is one of those follow up stories that wind up on page B6 of an urban newspaper. The original story, usually about three years earlier shows a proud family moving into their new home which is a giant step up from the minority neighborhood they moved from. (think Pruitt Igoe or the other giant projects in almost any major American city) The family marvels about the nice floors, the plumbing and the cleanliness and brightness of the new home. The follow up story by the newspaper decries the white establishment for penning up the same family in a filthy pigsty (same housing only several years later.)
In my own city, the local newspaper decried the “redlining” and excoriated the banks for their allegedly racist lending policies. Yet, I have always found it amusing that the same newspaper does not have any coin operated vending boxes for the paper in any of the minority neighborhoods.
Posted by at 8:16 AM on January 10