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From Salon.com:
Staggering findings have emerged about the vast extent to which minority households were worse hit by the housing market crash than white households. Now the Department of Justice is preparing a lawsuit against Wells Fargo, the nation's largest home mortgage lender, for "allegedly preying upon African American borrowers during the housing bubble and steering them into high-cost sub-prime loans."
Read the full story here.
Comments: (45)
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By: juliet dixon on 8/15/2011 5:30PM
Just who are you calling a negro you know the word negro means an ignorant person I am an African descendant from another country and although I noticed that roughly about 80% of African American are uneducaded which go back to the slavery days when if a black person was caught learning to read and write they would be whopped mercilessly or sometimes killed so thats what has caused most of the blacks here don't know how to budget and then you have all these rich imperalists taking the advantage of ripping them off a lot of Americans don't know their History so let me educate you on your History the British that came over here from Britain in the 1800's were the rejects that Britain throw out the murders, the thives, and the rapists they gave them an ultimatum either to be thrown in Jail or face the gallows so they chose to leave and they came to the United States as indentured servants and they could not stand the hard work so they started buying black slaves and bringing them over here to do thier work for them so you need to learn your history buddy from an educated African descendant.
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By: god72father on 8/10/2011 6:02AM
The type of loan is what is in question you idiot!
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By: nuppiekitty on 7/30/2011 12:43AM
I am not much on politics but I do believe it was during Bush's term that the government was making it easier for minorities to get mortgages.
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By: GMANN on 7/30/2011 8:20AM
THE BANK DIDN'T PREY ON BLACKS AS THEY WERE FORCED TO MAKE BAD HOME LOANS BY THE FEDERAL GOVERNMENT. FORGET THE BORROWERS WERE VERY POOR CREDIT RISKS AND DID NOT DESERVE THE LOANS, THE FED SAID LEND THESE PEOPLE THE MONEY. THE OLD DEMOCRAT WAY OF BUYING BLACK VOTES AND BLAME OTHERS FOR THEIR FAILURES.
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By: kazmimi on 7/30/2011 2:01PM
Let's not put the blame on only black people...I know many white folks who also took those loans also...Now you grow a brain..
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By: Lyle on 7/30/2011 2:59PM
Whatever
DUMB AZZ.
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By: Rene on 7/30/2011 4:54PM
Why do whites love to come to sites like this one that ask for comments from those in the black community and try to give their unsolicited comments about things they know NOTHING ABOUT! I wouldn't go to a white supremist, skin head, teaparty site because I already know what their opinion is on blacks and other people of color. I guess their sites are not that interesting that they have to come to other sites to give opinions on topics no one cares to hear about from them. In the words of "Whatever?" GROW A BRAIN WHITE PEOPLE......
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By: rh on 7/31/2011 10:07PM
@Rene, Some whites are constantly trying to stand on blacks backs, to justify themselves. WF, mortgage companies, appraisers over appraising properties to stay in business with the banks were all to busy making money off the uniformed and used programs like "stated income, no docs, interest only loans" to borrowers who couldn't pay for the doorknob of a home. I knew this was going to happen before the collaspe of the economy.
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By: Now I Understand!!!! on 8/02/2011 8:18AM
I no longer will post on this ingorant website because I see when a black person posts telling our own race to take responsibility then that person must be white!!! Everyone is Dimepiece. That explains why people keep thinking I'm a racist white person instead of a black person who was raised in a poor neighborhood and tired of all the excuses and black on black crime. Good riddens Black Voices. I need to go back to intelligent black sites. I hate I ever started posting here......
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By: Gail on 7/31/2011 7:46AM
It's the banks fault, it's white people's fault, it's black people's fault, it's the realtor's fault.
My president, Obama had nothing to do with this. This began on Bush's watch.
Simply put, the banks were offering loans that people could not afford but they, the banks, and realtors talked them into it and they knew the people could not afford it, and the people defaulted.
So they preyed on EVERYBODY!!!
I hope they nail Wells Fargo to the wall and shut them down!!!
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