The city of Baltimore is suing Wells Fargo for racial profiling while workers in Chicago took to the streets to protest its recent refusal to extend credit for Quad City Die Casting Company. As a reminder, Wells Fargo is the country’s 2nd largest mortgage lender, 5th largest bank and recipient of $25 billion in TARP money –taxpayer money that they will now likely be spent fighting the discrimination cases filed against them in court.
Joining us in studio are Sarah Ludwig, Co-Director of Neighborhood Economic Development Advocacy Project, Kai Wright, who wrote about the ‘Subprime Swindle’ for The Nation Magazine, Leah Fried, Organizer with the United Electrical Union, and Beth Jacobson, formerly one of the most successful subprime mortgage loan officers for Wells Fargo who became a whistle blower in the Baltimore case and is now offering advice to homeowners facing foreclosure through her agency, Paralegal Services and Consulting.
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Why aren't these people demonstrating in front of Congress, and the White-house, the root-cause of this idiocy?!! The Washington spin-Cesar have once again come out in force to do their tap-dance routine to misdirect the evidence and put it on the others the Congress forced into the faulty business practices that has led to this outrage!
You can thank Maxine Waters, and most of the Congressional Black Caucus for their involvement in this mess. Their on video-tape, demanding restrictions on home loans be drastically lowered! Their on tape, covering up for the rat-thieves who exploited Fannie-Mae, the very situation they fostered by demanding that loans be given to people who couldn't afford them in the first place!! These video-tapes are available on YouTube.
Add to the mix people like Dodd and Franks and who's job was to oversee the lending practices by Fannie Mae and other lending institutions and protect American citizens from the hustlers and it's not hard to find the RAT-Bastards at the root-cause of the insanity!!
Superb reporting. Here's a tip: You have only started to scratch the surface on this topic that is not unique to Well Fargo. From Oakland, California on the west coast to Baltimore, Maryland on the east coast, lender used markeitng companies to target market into specific communities based on specified demographic profiles. The end result was an adverse outcome. There is a lesson from the Civil Rights Movement that should never be fogotten: violence was the tipping point that forced civil rights and fair hoiusng legislation. The rhetoric in the Tea Party protests – “hang them from the highest tree” and “the tree of liberty needs to be watered,” I believe, will evolve into a middle class revolution against financial corporations, vulture capitalists, and their enabling elected officials who together are ultimatley responsible for maintaining seperate but equal creidt and democracy for the few.
I dont know if it is insain though. If you adopt a system of unrestricted free enterprise, won't the corrupting influence of power eventually filter its way up to the top? Isn't this a mathematic formula that will eventually produce the same outcome over and over again? look at the world TC, there is something wrong.
The system sucks… fuck the system.
I dont know if it is insain though. If you adopt a system of unrestricted free enterprise, won't the corrupting influence of power eventually filter its way up to the top? Isn't this a mathematic formula that will eventually produce the same outcome over and over again? look at the world TC, there is something wrong.
The system sucks… fuck the system.