Tavis Smiley Sponsor Wells Fargo Accused of Targeting Unfair Loans to Blacks

9 Jun

As she describes it, Beth Jacobson and her fellow loan officers at Wells Fargo Bank “rode the stagecoach from hell” for a decade, systematically singling out blacks in Baltimore and suburban Maryland for high-interest subprime mortgages.

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Matt Roth for The New York Times

A foreclosed home on Barclay Street in Baltimore. The city is suing Wells Fargo Bank over its mortgage lending practices in black neighborhoods.

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Matt Roth for The New York Times

Another foreclosed house on Baltimore’s North Brice Street, which shares a downed fence with a house still lived in.

These loans, Baltimore officials have claimed in a federal lawsuit againstWells Fargo, tipped hundreds of homeowners into foreclosure and cost the city tens of millions of dollars in taxes and city services.

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.”

Click to read.

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12 Responses to “Tavis Smiley Sponsor Wells Fargo Accused of Targeting Unfair Loans to Blacks”

  1. Barbara Ann Jackson July 10, 2009 at 9:24 pm #

    Mortgage companies such as Wells Fargo conspire with unscrupulous foreclosure attorneys for the various benefits of unlawfully seized and flipped properties. Some properties are being unlawfully foreclosed by use of names mortgage companies that lack standing or are even defunct! Afterward, whether or not Wells Fargo foreclosed on that property, Wells Fargo files false IRS form 1099-A’s and receives tax write offs. The JUSTICE DEPARTMENT in my State conceals and protects certain JUDGES and certain LAWYERS who have been, for years, engaged in real estate White Collar activities –including fraudulent Bankruptcy Court “Lift Automatic Stay Motions” by use of names of non-existent mortgage companies or ones with NO STANDING. Wells Fargo apparently is committing crimes WORSE THAN Bernie Madoff in the regard that Wells Fargo has no qualms about those false IRS forms for which it likely receives high tax write-offs FOR REAL ESTATE that was fraudulently seized and auctioned via “simulated” foreclosure sales.

    Continual news reports about foreclosure proceedings which judges have rendered VOID will help raise awareness and hopefully will sound a public alarm about this quiet dastardly foreclosure fraud via NULL foreclosures. This valuable information could avert perhaps thousands of people from becoming unlawfully evicted and homeless! In an untiring effort to help as many people whose foreclosure might not be lawful, I have made public my ACTUAL, TRUE STORY of about nuances of judicial collusion and fraudulent foreclosure, particularly involving Wells Fargo (and even Lehman Brothers) on website. See my website postings: *http://www.lawgrace.org/2008/08/08/my-august-8-2008-statement-to-the-louisiana-secretary-of-state-office-of-financial-institutions-concerning-wells-fargo-irs-and-mortgage-frauds-sham-foreclosures-and-judicial-collusion-and-national-app/ AND
    *http://www.lawgrace.org/2008/09/14/lehman-brothers%E2%80%99-mortgage-troubles-nationally-evidence-of-foreclosure-fraud-deception-and-conspiracy-with-wells-fargo-deceptive-judicial-filings/.

    For some people who are seeking to buy foreclosed homes, they don’t realize (and some don’t care about) all that could be illegal with conveyances of foreclosed real estate property. However, those same people would not want someone to gain ownership over their properties if it was not LAWFULLY confiscated (foreclosed) through Due Process of Law. Precisely, scores of people are being evicted unlawfully because of real estate repossessions via lawful means. Mortgage companies like Wells Fargo, appears to be using foreclosures to commit acts that could result in another S&L debacle.

    Barbara Ann Jackson
    Law & Grace, Inc

  2. Marilyn Cameron October 20, 2009 at 1:41 pm #

    Is this a one state law suite? I need to if Texas is included.

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