TV News LIES

Friday, Apr 04th

Last update09:25:24 PM GMT

You are here News Economy Ex-loan officer claims Wells Fargo targeted black communities for shoddy loans

Ex-loan officer claims Wells Fargo targeted black communities for shoddy loans

E-mail Print PDF

Wells Fargo targeted minoritiesFor nearly a decade, Beth Jacobson lived inside the vast machinery of subprime mortgages that shook the nation’s economy.

In sworn court testimony, she describes watching loan officers comb through heavily black areas such as Baltimore and Prince George’s County, forging relationships with churches and community groups to sell them shoddy loans. She says she processed homeowners with sterling credit ratings for 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 to become Wells Fargo’s top-producing loan officer.

The machine made her rich — the questions came later. Now, she has recast herself as a crusader for consumers in a battle that has pitted her against the system she once pushed.

The 51-year-old Maryland mom has emerged as a defining character in the ongoing saga of the country’s housing crisis, from the headiest days of the bubble to the current flood of foreclosures. Her scathing affidavit detailing “the stagecoach to hell” at Wells Fargo is a key part of the groundbreaking lawsuit filed by the city of Baltimore against her former employer. The case spawned copycats across the nation, and federal regulators launched investigations mirroring its claims.

TVNL Comment:  Too little, too late.  The damage has been done, big time.

More...


Most Recent Related Stories...


White House defends not including Russia, North Korea on tariffs

trumpThe White House on Thursday defended its decision to not include Russia, North Korea, Cuba or...

‘Nowhere on earth is safe’: Trump imposes tariffs on uninhabited islands near Antarctica

Uninhabited islands hit with tariffs A group of barren, uninhabited volcanic islands near Antarctica, covered in glaciers and home to penguins,...

Dow sheds 1,700 points. S&P 500 and Nasdaq have worst day since 2020 on tariff worries

Stock MarketU.S. stock losses closed sharply lower, with the blue-chip Dow losing nearly 1,700 points and the...

Asian markets plunge as world reels from Trump tariff announcement

Asian markets plunge Gold has reached a record high while the yen has strengthened against the dollar and stock...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!