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Wells Fargo loan officers guided minorities toward high-rate mortgages and joked that they were “riding the stagecoach to hell” for routinely steering prime-loan-qualified customers toward subprime loans, according to sworn declarations by two former employees, filed in federal court this week.
The affidavits were offered as evidence in a lawsuit filed on behalf of Baltimore last year and amended Monday, alleging “tens of millions” of dollars in losses from racist, predatory lending, known as “reverse redlining”- the targeting of minority borrowers, regardless of credit history, for unfavorable subprime loans. The city says the practice led to increased foreclosures, vacant properties and crime in black communities.
“Our minority residents and homeowners, many of whom were first-time buyers, were led down a disastrous primrose path by Wells Fargo, one of the biggest lenders in the city of Baltimore,” City Solicitor George Nilson said in an interview Wednesday.”We’re trying to do what we can to get some kind of redress.”
More from Ken Silverstein:
Perspective — October 23, 2013, 8:00 am
How pro-oil Louisiana politicians have shaped American environmental policy
Postcard — October 16, 2013, 8:00 am
A trip to one of the properties at issue in Louisiana’s oil-pollution lawsuits
Discussed in this essay:
The Sixth Extinction: An Unnatural History, by Elizabeth Kolbert. Henry Holt. 352 pages. $28.
The extinction symbol is a spare graphic that began to appear on London walls and sidewalks a couple of years ago. It has since become popular enough as an emblem of protest that people display it at environmental rallies. Others tattoo it on their arms. The symbol consists of two triangles inscribed within a circle, like so:
“The triangles represent an hourglass; the circle represents Earth; the symbol as a whole represents, according to a popular Twitter feed devoted to its dissemination (@extinctsymbol, 19.2K followers), “the rapidly accelerating collapse of global biodiversity” — what scientists refer to alternately as the Holocene extinction, the Anthropocene extinction, and (with somewhat more circumspection) the sixth mass extinction.
Ratio of husbands who say they fell in love with their spouse at first sight to wives who say this:
Mathematicians announced the discovery of the perfect method of cutting a cake.
Indian prime-ministerial contender Narendra Modi, who advertises his bachelorhood as a mark of his incorruptibility, confessed to having a wife.
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Science’s crisis of faith