How things changed during the Bushit Hold-up!
Wells Fargo targeted African-Americans and Latinos for risky, subprime mortgage loans with “reverse redlining” practices, Illinois Attorney General Lisa Madigan says in Cook County Court. The 62-page complaint accuses the bank of a litany of biased and fraudulent practices during the “heyday” of subprime lending.
Madigan says Wells Fargo charged blacks and Latinos much more for mortgages than white borrowers with the same income – and even with lower incomes.
Madigan cites a 2007 story from the “Chicago Reporter” that reported 34 percent of African-American borrowers who earned more than $120,000 received high-cost loans from Wells Fargo, compared to only 22 percent of white borrowers who earned less than $40,000. Read the rest of this entry »