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The Whites Only House – Another Chumph Appointee…Another Bigot

 

 

Bank Led By Donald Trump’s Top Treasury Contender Accused Of Racist Lending

OneWest allegedly avoided lending to communities of color.

A California bank led by Donald Trump’s reported likely treasury secretary, Steven Mnuchin, is facing new allegations of racist lending practices.

OneWest failed to locate bank branches in minority neighborhoods, loaned money to “very few or no” people of color, and did a better job maintaining and marketing foreclosed homes in mostly white neighborhoods, according to a complaint filed by two housing advocacy groups Wednesday with the U.S. Department of Housing and Urban Development.

The discrimination, called “redlining,” keeps communities of color in poverty by making it harder to buy homes. It was banned in 1968 under the Fair Housing Act.

The complaint was filed against CIT Group, the commercial lending giant that owns OneWest. Mnuchin, who led the investor group that bought OneWest in 2009 and served as its chairman, joined the board of CIT after the acquisition was completed in August 2015.

“Our analysis of OneWest suggests the bank has no significant branch presence in communities of color,” Kevin Stein, deputy director of California Reinvestment Coalition, one of the two nonprofits that filed the complaint, said in a statement. “[N]ot surprisingly, its home loans to borrowers and communities of color are low in absolute terms, low compared to its peer banks, and low when compared to what one would expect, given the size of the Asian American, African American, and Latino populations in California.”

Dune Capital, the hedge fund where Mnuchin works, did not respond to a request for comment on Wednesday.

“CIT is committed to fair-lending and works hard to meet the credit needs of all communities and neighborhoods we serve,” a spokesman for CIT said in a statement emailed to The Huffington Post on Thursday evening. 

In the Los Angeles area in which OneWest operates, black borrowers last year received just 1.7 percent of its mortgages ― 2.1 percentage points below the industry average. Asian Americans made up 8.4 percent of the bank’s borrowers ― 3 percentage points below the industry average. Latinos comprised an additional 8.4 percent of borrowers ― 14 percentage points below the industry average. Meanwhile, the bank awarded 82.4 percent of its loans to white people ― 14.6 percentage points above the industry average.

One-hundred percent of foreclosed homes ― also known as real estate-owned properties ― in neighborhoods of color had five or more maintenance or marketing failures, including trash strewn in the front yard, overgrown grass and shrubbery, and boarded up or broken doors and windows. By contrast, 33.3 percent of foreclosed properties in white neighborhoods sustained the same blight.

The complaints cast an ugly light over the man Trump officials have floated as the leading candidate to lead the Department of Treasury.

Mnuchin led the group of investors that bought OneWest, then called IndyMac Bank, from the Federal Deposit Insurance Corp. in 2009 after the company had collapsed under the weight of bad home loans it made during the housing bubble. As part of the deal, the FDIC agreed to take the hit for the vast majority of loan losses, an arrangement the agency made with buyers of other banks after the crash. OneWest then went to work foreclosing on homeowners, using the fraudulent, corner-cutting technique known as robosigning. In the years that followed, it paid billions of dollars in profits to its investors.

The investor group included private equity financial institutions specialist J.C. Flowers; hedge fund billionaire John Paulson, who later became famous for his massive bet against the U.S. housing market; and progressive philanthropist George Soros.

OneWest was not the only bank to make bad loans during the housing bubble and push people out of their homes once things soured. However, in an industry we now know was filled with fraud, “OneWest stood out,” wrote David Dayen, the author of a book on the foreclosure crisis published this year. “It routinely jumped to foreclosure rather than pursue options to keep borrowers in their homes; used fabricated and ‘robo-signed’ documents to secure the evictions; and had a particular talent for dispossessing the homes of senior citizens and people of color.”

 

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Daily Racism

White folks wonder why black folks talk about racism. Perhaps because black folks are still so often subjected to it?

Black architect humiliated when Seattle bank refuses to believe her paycheck is real

Architect Trish Doolin was discriminated against by her bank (Facebook.com)

I know you think it looks good…But, please…Tone that lipstick down!

A black architect was questioned and humiliated on Wednesday when she attempted to deposit her paycheck into her account at a new bank. Bank personnel apparently refused to believe that the check was real.

Black Entertainment Television (BET) reported Friday on Trish Doolin, an architect who recently moved to take a job with Nelson, Inc. in Seattle.

Because she just arrived at the firm, her direct deposit had not been established, so Doolin drove to a branch of KeyBank to deposit her check in person. She deposited the check and then went about her business.

Hours later, she received a call from the bank asking her to return to the branch. A banker who BuzzFeed News identified as Thor Loberg escorted her to a cubicle and began to ask a number of probing questions.

“He asked my profession, and then asked why the company’s headquarters were in Philadelphia,” Doolin said. “Then he asked if HR could verify that I was an employee there.”

At no point did the bank representative ask for Doolin’s ID, she said, but called the company and when he couldn’t get anyone on the phone, told Doolin that KeyBank would have to hold her check for nine days while they “verified the funds.”

“When I realized that I was defending who I was, trying to prove to someone I didn’t know who I was, I knew I was being discriminated against,” Doolin told BuzzFeed. “It was just completely demeaning.”

At around 4:30 Wednesday afternoon, Doolin called the bank and spoke to a woman who assured her that Loberg is “far from racist” and that he would have done the same to any customer.

In the end, the customer service representative released Doolin’s check into her account.

“She made sure to tell me that she was sorry that I was ‘having a bad day,’” Doolin said. “At the end of the conversation, she told me, ‘Go have a drink or something.’”

Doolin said the experience has left her raw and hurt.

“I live in a world where, no matter what’s in my brain or purse, no matter how I wear my hair, no matter how fabulous I look when I walk out the door, I’m still black,” she said. “People still clutch their purses when I walk past.”

She said she’s not sure how to tell her employer about the humiliating ordeal.

“When you’re black, you can’t go marching around saying, ‘I’ve been discriminated against.’” she told Tamerra Griffin at BuzzFeed. “It’s that silent pain. You can still hurt, but just don’t do it too loudly.”

 
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Posted by on October 8, 2016 in BlackLivesMatter

 

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More Massive Corruption at Wells Fargo Bank

I have said here that Wells Fargo is the most corrupt bank in America. They paid $1.2 billion a few years ago, then the largest fine ever levied on a financial institution for their part in the Mortgage scams leading up to the Great Depression of 2009. IN 2013 the Bank was forced to pay $203 million in restitution and penalties for fake overdraft fees in Gutierrez vs. Wells Fargo. In 2012, the Justice Department ( Justice Dept. vs.Wells Fargo) the court reached a verdict based on Discrimination against African-American and Hispanic borrowers who were steered into high-cost, subprime mortgages. $175 million to be paid to the victims – 34,000 black and Hispanic Mortgage holders.

Here they are again paying a record fine for screwing the customers again…

Supposedly the company has terminated 5,300 employees as part of an internal review. How much you want to bet not a single one of them is one of the crooks at the top?

Image result for wells fargo

Wells Fargo making a get away after a robbery…

 

Wells Fargo Fined $185 Million Over Creation Of Fake Accounts For Bonuses

Wells Fargo Bank has been ordered to pay $185 million in fines and penalties to settle what the Consumer Financial Protection Bureau calls “the widespread illegal practice of secretly opening unauthorized deposit and credit card accounts.”

Thousands of Wells Fargo employees opened the accounts in secret so they would get bonuses for hitting their sales targets, according to investigators. More than 2 million deposit and credit card accounts may have been created without customer authorization.

The bank must pay $100 million to the CFPB — the largest fine ever levied by the federal consumer watchdog. It also will pay $50 million to the City and County of Los Angeles, along with a $35 million penalty to the Office of the Comptroller of the Currency.

It’s also on the hook to pay full restitution to all victims of the scheme.

“Because of the severity of these violations, Wells Fargo is paying the largest penalty the CFPB has ever imposed,” said CFPB Director Richard Cordray. “Today’s action should serve notice to the entire industry that financial incentive programs, if not monitored carefully, carry serious risks that can have serious legal consequences.”

The CFPB’s consent order says the bank has already terminated 5,300 employees as part of an internal review.

Wells Fargo said in a statement that it has fired managers and employees “who acted counter to our values” in carrying out the schemes. It also refunded $2.6 million in fees it collected from customers. The bank said that “accounts refunded represented a fraction of one percent of the accounts reviewed, and refunds averaged $25.”

In addition, the Sioux Falls, S.D.-based bank says it is taking steps to keep this type of scheme from occurring again, noting that it will now send a customer an email confirmation shortly after a deposit account is opened.

“This is a major victory for consumers,” said Los Angeles City Attorney Mike Feuer, whose office sued Wells Fargo in 2015 after a Los Angeles Times investigation into the fake accounts. “Consumers must be able to trust their banks. They should never be taken advantage of by their banks.”

Feuer’s office says that after the suit was filed, the city attorney received “more than 1,000 phone calls and emails from customers and current and former Wells Fargo employees across the nation about the issues raised in the litigation.”

 

 
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Posted by on September 8, 2016 in American Greed

 

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Guy Fawkes Day in America – Moving Money

So what happens if 100,000 people move their money to small banks?

The fees charged by the big banks have gotten progressively ridiculous, and several of the major banks like Bank of America purposefully manipulated customer accounts to maximize overdraft fees to the tune of $2o billion a year…

Bank executives continue to get massive multi-million dollar bonuses… despite the fact it was American taxpayer money that bailed those very same banks out of a crisis created by the banks themselves.

Wall Street Protests Get Specific: Could ‘Bank Transfer Day’ Pit Americans Against Their Big Banks?

The growing anger directed at U.S. banks (especially the big ones that took federal bailout funds) over recent fee increases coalesced this weekend into a Facebook-driven campaign urging Americans to close their accounts at large banks and move their money to credit unions by Nov. 5.

Though not initiated by the Occupy Wall Street movement in New York and other cities around the country, the effort has been embraced by the protesters, and their “We are the 99%” mantra is all over the “Bank Transfer Day” Facebook page — making this the first specific action by a political movement that has been criticized as unfocused and incoherent.

Bank Transfer Day was started by a 27-year-old Los Angeles art-gallery owner, Kristen Christian. She says she’s not affiliated with the Occupy Wall Street protesters but that many organizers of those demonstrations had reached out to her to express support.

Christian chose Nov. 5 because of its association with 17th century British folk hero Guy Fawkes, who tried to blow up the House of Lords but was captured on that date in 1605. In an interview with the Village Voice, however, Christian and Occupy Wall Street leaders who discussed the effort to get Americans to move their money from large banks to small institutions emphasized that they weren’t trying to create a collapse of the financial system. ”I’ve been very careful to state that this is not … anarchy,” Christian told the Voice. “It’s shifting the money to a company people respect the practices of. It’s like, if you don’t like Walmart’s practices, shopping at a local grocery store instead.”

 
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Posted by on October 10, 2011 in Occupy America

 

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Guy Robs Same Bank 3 Times in 3 Days

Sometimes things get “good to you” – but this is ridiculous!

Ex-Mental Patient Robs Bank 3 Days in a Row: Cops

A former mental patient allegedly robbed the same bank three days in a row this week while living the high life on his stolen money, the New York Post reports. New York City police say Charles Burnett, 29, robbed the Sovereign bank of $2,200 on Monday and booked himself into the Grand Hyatt near Grand Central with his new cash. Tuesday, he repeated his performance at Sovereign for a whopping $14,000. That’s when he hired a personal driver for a third robbery.

Initially Burnett had the luxury SUV take him shopping at a sporting goods store, where he picked up—and paid for—a New York Giants hat and Yankees batting glove. “I thought he was a baseball player,” says driver Rafael Rubio. Burnett then had Rubio drop him off at Sovereign bank, which Burnett robbed of $10,000 before being tackled by cops. Sources say the 6-foot-1, 275-pound suspect, arraigned yesterday, was released not long ago from a mental hospital in the South.

 
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Posted by on September 30, 2011 in Nawwwwww!

 

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“Rogue Trader” Takes Down UBS for $2 Billion

Talk about a major screw up! How is that if you are $.25 overdrawn the bank jumps all over your case…

And a 31 Year Old Trader with less than 5 years experience gets to play with billions of dollars unchecked?

It doesn’t appear (at least in what has been announced publicly so far) that this guy stole money – it may well be that he got nailed chasing a bad investment loss with increasingly risky (and thus higher paying) investments which didn’t work.

Rogue trades cost UBS $2bn

kweku adoboli

Kweku Adoboli

LONDON police have arrested Kweku Adoboli over alleged rogue trading that has cost Swiss banking giant UBS an estimated $US2 billion ($A1.95 billion).

Mr Adoboli, 31, worked in the bank’s exchange-traded funds business and was arrested yesterday.

Police, who declined to confirm the trader’s identity, said: ”A 31-year-old man was arrested at 3.30am in central London on suspicion of fraud by abuse of position. He remains in custody.”

Records from the City regulator suggest Mr Adoboli joined UBS as a trainee in March 2006. He was hired after studying at the University of Nottingham.

The Zurich-based bank suffered a near-10 per cent share-price fall after it revealed the loss could push it into the red this quarter. UBS, which dominates the Australian investment banking market, announced the loss just before the Swiss stock exchange opened.

UBS said it was still trying to get to the bottom of the matter, which was announced on the third anniversary of the collapse of Lehman Brothers.

It refused to elaborate but in an internal memo to staff, the executive committee of UBS revealed it only uncovered the incident on Wednesday.

”The matter is still being investigated, but UBS’s current estimate of the loss on the trades is in the range of $US2 billion,” UBS said.

”It is possible that this could lead UBS to report a loss for the third quarter of 2011.”

 

 
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Posted by on September 15, 2011 in News

 

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Shut ‘Em Down!

You know – those Union Pension and retirement funds make up a large part of Wall Street Capital. Because Koch Industries is privately owned, it isn’t subject to  Investor pressure. However, many of their co-criminals and “pardners” are…

M&I Bank branch on Capitol Square closes after protests

M&I Bank’s branch on the Capitol Square, at 1 W. Main St., closed Thursday after demonstrators, protesting campaign contributions by bank executives to Gov. Scott Walker, gathered outside the bank and several pulled their money out.

Sara Schmitz, a spokeswoman for M&I in Milwaukee, said in an e-mail the bank shut its doors “under the advisement of the Madison Police Department and due to the significant number of protesters surrounding the Capitol.”

Madison police said hundreds of people had gathered at the front entrance to the bank.

“(The) concern was if the crowd continued to grow, it would be difficult for us to guarantee access and safety for those trying to get in and out of the bank,” police spokesman Joel DeSpain said. He said police did not tell M&I officials to close the bank.

Members of several labor unions stopped at M&I twice between 9 and 9:30 a.m., said Joe Conway, Jr., president of Local 311 of the International Association of Fire Fighters. The protest was peaceful, he said.

Several protesters went inside and closed their accounts, displaying checks that totaled $192,000 withdrawn, Conway said. Schmitz declined to comment about any withdrawals.

Some of the products produced by Koch – which could be subject to boycott…

Georgia-Pacific LLC, based in Atlanta, and its subsidiaries, have approximately 300 manufacturing facilities across North America, South America and Europe, ranging from large pulp, paper and tissue operations to gypsum plants, box plants and building products operations, and more than 40,000 employees worldwide.

Georgia-Pacific’s familiar consumer brands in North America include Quilted Northern®Angel Soft®,Brawny®Sparkle® Soft ‘n Gentle®, Mardi Gras®,Vanity Fair®, and the Dixie® brand of tabletop products.

INVISTA B.V. and its subsidiaries (INVISTA) deliver exceptional value for customers through market insight, technology innovations, and a powerful portfolio of some of the most recognized global brands and trademarks in the nylon, spandex and polyester value chains, as well as other specialty products

Consumer brands include STAINMASTER®carpetANTRON® carpet fiberCORDURA®fabric, and COMFOREL® fiberfill.

 

 

 
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Posted by on March 11, 2011 in American Greed

 

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