Wells Fargo gave "ghetto loans to mudd people"

Thanks to the court case Mayor and City Council of Baltimore v Wells Fargo Bank, N.A. and Wells Fargo Financial Leasing, Inc. we have the written proof about what we in the liberal blogosphere and I have said from the beginning of this crisis that poor people and people of color were targeted by the banks for predatory loans. It was not their mismanagement or risky behavior but part of a predatory system geared to milk them for all they could and then get out with as much money as possible. This case is the very definition of institutional racism. These American citizens were targeted and taken advantage of simply because the privileged white finance class has so little humanity towards a people they are taught to have disdain for. Via great site Consumerist.com: so you can get the full details on how Wells Fargo pushed or even fraudulently placed black borrowers into sub-prime loans, even when those borrowers could afford prime loans, along with an office environment where employees threw around racist slurs, calling black borrowers "mud people" and their mortgages "ghetto loans." The official statements referenced in the NYT article are in this document in full. The affidavits begin on page 48. Contempt and a lack of humanity that led to a privileged few looking at fellow citizens as a means to make money and not fellow humans, how far have we really come from the sentiments that created and allowed slavery? For the people who would have owned my ancestors (luckily not most people) not very far. RSS