Laura Flanders: Wells Fargo: Too Big to Jail?

[marmar]

via CommonDreams:



Published on Wednesday, June 10, 2009 by FireDogLake

Wells Fargo: Too Big to Jail?
by Laura Flanders


Everyone wants the economy to bounce bank, and the President's not wrong to believe that the way to revive things is to boost confidence.

But if mass confidence is what it's gong to take, the people at the bottom of our economic pyramid need hope -- not only that they'll have jobs again and homes to keep - but protection against mortgage crooks - and restitution if they've been scammed.

The city of Baltimore is currently pursuing a suit against Wells Fargo.

Wells Fargo stands accused of disproportionately denying minority consumers favorable loans while targeting them for subprime ones with high interest rates, mandatory arbitration clauses and punitive prepayment penalties.

In court papers, Elizabeth Jacobson, who was one of Wells Fargo's top loan officers said, "Wells Fargo mortgages had an emerging markets unit that specifically targeted black churches, because it figured church leaders had a lot of influence and could convince congregants to take out subprime loans." ............(more)

The complete piece is at: http://www.commondreams.org/view/2009/06/10-8

[MadMaddie]

1. I want to see a class action lawsuit by all of the people that

were screwed by the bank and I want those people to take Wells to the bank...(if they go out of business, oh well)

[upi402]

2. I agree. They've bled us pale and are demanding more

USbank is dragging its feet and losing my paperwork on the HARP refi program. Mt credit score has dropped because I moved my money from now-defunct WAMU before the collapse, then divided my eggs from just one Wells Fargo basket. They pee in the pool and make us clean it up. They are evil -and WE need a bail out, not them.

We need an opposition party to make that happen, however.