June 8, 2009 10:32 AM Subscribe
Bank Accused of Pushing Mortgage Deals on Blacks
: "They referred to subprime loans made in minority communities as ghetto loans and minority customers as 'those people have bad credit', 'those people don't pay their bills' and 'mud people,' " [a Wells Fargo subprime loan officer] said in his affidavit, filed in the NAACP's lawsuit (pdf)
against 13 mortgage lenders. "The company put 'bounties' on minority borrowers. By this I mean that loan officers received cash incentives to aggressively market subprime loans in minority communities."
posted by hayvac (40 comments total)
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