Reply #162: Black people and the mortgage crisis

[Brewman_Jax]

http://www.nytimes.com/2009/06/07/us/07baltimore.html

From the article: Wells Fargo, Ms. Jacobson said in an interview, saw the black community as fertile ground for subprime mortgages, as working-class blacks were hungry to be a part of the nation’s home-owning mania. Loan officers, she said, pushed customers who could have qualified for prime loans into subprime mortgages. Another loan officer stated in an affidavit filed last week that employees had referred to blacks as “mud people” and to subprime lending as “ghetto loans.”

Black people were deliberately targeted for these loans in spite of the fact that many were qualified for standard loan rates. White people were not so targeted.

Other articles are found using search string wells fargo discrimination lawsuit and at:
http://www.mortgagenewsdaily.com/7162007_NAACP_Subprime_Lawsuit.asp
http://online.wsj.com/article/SB124906504187697487.html