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Thursday, June 04, 2009

Lawsuit Alleges Race-based Bias in Subprime Mortgages

Comment: PG NAACP Leader June Dillard White apparently has decided Wells Fargo is guilty without waiting for any investigation or hearing.  Perhaps we need some oversight over demagogues like Dillard who would deny their enemies a fair hearing.

Lawsuit Alleges Race-based Bias in Subprime Mortgages.
wjla.com, 2 Jun 2009.
Two former Wells Fargo subprime-loan officers say bank employees targeted predominantly black ZIP codes and churches and deceptively steered prime borrowers into subprime loans.
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"They are just greedy, just greedy, what can I say? We need to have some oversight over these mortgage companies and these lenders so this does not happen again," said June White Dillard of the Prince George's County NAACP.

But Wells Fargo says it did not cause any foreclosures. A spokesperson for the company says, "We have worked extremely hard to make homeownership possible for more African-American borrowers and for all customer segments and have done so fairly and responsibly."

(Posted 2009)

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