The Washington Post is reporting what several members of the Congressional Black Caucus have been saying for years — that Blacks were targeted for subprime loans. The loss of Black wealth and property that has resulted has been devastating. Reps. Maxine Waters, Mel Watt, Lacy Clay and others have long since grilled Wells Fargo execs, the Treasury Department and Ben Bernanke on this subject. Finally, a White Wells Fargo loan officer has confirmed this long made claim.
THE WASHINGTON POST: Ex-loan officer claims Wells Fargo targeted black communities for shoddy loans — By Ylan Q. Mui, — For nearly a decade, Beth Jacobson lived inside the vast machinery of subprime mortgages that shook the nation’s economy. In sworn court testimony, she described watching loan officers comb through heavily African American areas such as Baltimore and Prince George’s County, forging relationships with churches and community groups to sell their members shoddy mortgages. She says she processed loans for homeowners with sterling credit ratings with 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, becoming Wells Fargo’s top-producing loan officer. THE ENTIRE PIECE HERE