TV News LIES

Thursday, Feb 23rd

Last update05:20:13 AM GMT

You are here News Economy Ex-loan officer claims Wells Fargo targeted black communities for shoddy loans

Ex-loan officer claims Wells Fargo targeted black communities for shoddy loans

E-mail Print PDF

Wells Fargo targeted minoritiesFor nearly a decade, Beth Jacobson lived inside the vast machinery of subprime mortgages that shook the nation’s economy.

In sworn court testimony, she describes watching loan officers comb through heavily black areas such as Baltimore and Prince George’s County, forging relationships with churches and community groups to sell them shoddy loans. She says she processed homeowners with sterling credit ratings for higher interest rates than they needed to pay. And she says she pumped out millions of dollars in mortgages to people with no paperwork and low incomes to become Wells Fargo’s top-producing loan officer.

The machine made her rich — the questions came later. Now, she has recast herself as a crusader for consumers in a battle that has pitted her against the system she once pushed.

The 51-year-old Maryland mom has emerged as a defining character in the ongoing saga of the country’s housing crisis, from the headiest days of the bubble to the current flood of foreclosures. Her scathing affidavit detailing “the stagecoach to hell” at Wells Fargo is a key part of the groundbreaking lawsuit filed by the city of Baltimore against her former employer. The case spawned copycats across the nation, and federal regulators launched investigations mirroring its claims.

TVNL Comment:  Too little, too late.  The damage has been done, big time.

More...


Most Recent Related Stories...


Deutsche Bank plunges back into the red with $2 billion loss

Deutsche Bank in the redDeutsche Bank is firmly back in the red.Germany's biggest bank posted a net loss of €1.9...

Trump budget plan could add $6tn to public debt in a decade, analysts say

Trump budgetDonald Trump’s tax-cutting and spending plans could add another $6tn to the US public debt over...

Dow hits 20,000 following solid open for US stocks

DOW tops 20,000The Dow Jones industrial average crossed the 20,000 mark for the first time Wednesday, the latest...

Oxfam: Eight men are as rich as half the world

Oxfam : 8 men richer than half the worldThe gap between the super-rich and the poorest half of the world's population is starker than...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!