HERE WE GO AGAIN THIS IS WHAT THEY DID BEFORE AND THEY DESTROYED OUR ECONOMY AND THE WESTERN ECONOMY! THEY ARE GOING TO LET THEM DO IT AGAIN LET US REMEMBER THE WELLS FARGO TOOK $25 BILLION OF OUR TAX DOLLARS FOR THIS KIND OF GREEDY AND CRIMINAL ACTION
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Wells Fargo Pushed Risky Loans on Hispanics and Other Minority Borrowers

06 Dec 2014

Photo Credit: GETTY IMAGES

The Chicago area’s Cook County has filed a lawsuit against Wells Fargo & Co., accusing the nation’s biggest mortgage lender of subjecting Hispanic and African American borrowers to discriminatory and predatory lending practices.

Hundreds of millions of dollars in damages are allegedly involved.

According to the suit, Wells Fargo purposely issued out these high-risk loans to minority borrowers because most of them did not qualify for traditional loans.

The lawsuit, which was filed Thursday in Chicago, contends that Wells Fargo engaged in the practice known as “equity stripping,” which involves imposing inflated or unneeded rates and fees, plus penalties to refinance. That practice, alleged to have taken place for much of the past decade, may involve up to 26,000 loans and compensatory damages that could top $300 million, according to the lawsuit.

“Equity stripping is an abusive form of ‘asset-based lending’ that maximizes lender profits based on the value of the underlying asset and onerous loan terms, while in disregard for a borrower’s ability to repay,” the lawsuit alleges.

ACTION

WELLS FARGO PUSHED RISKY LOANS ON HISPANICS AND OTHER MINORITY BORROWERS

HERE WE GO AGAIN THIS IS WHAT THEY DID BEFORE AND THEY DESTROYED OUR ECONOMY AND THE WESTERN ECONOMY! THEY ARE GOING TO LET THEM DO IT AGAIN LET US REMEMBER THE WELLS FARGO TOOK $25 BILLION OF OUR TAX DOLLARS FOR THIS KIND OF GREEDY AND CRIMINAL ACTION
PRINCIPLES FOR A FREE SOCIETY

Wells Fargo Pushed Risky Loans on Hispanics and Other Minority Borrowers

Comments

HERE WE GO AGAIN THIS IS WHAT THEY DID BEFORE AND THEY DESTROYED OUR ECONOMY AND THE WESTERN ECONOMY! THEY ARE GOING TO LET THEM DO IT AGAIN LET US REMEMBER THE WELLS FARGO TOOK $25 BILLION OF OUR TAX DOLLARS FOR THIS KIND OF GREEDY AND CRIMINAL ACTION PRINCIPLES FOR A FREE SOCIETY

Wells Fargo Pushed Risky Loans on Hispanics and Other Minority Borrowers

Comments

HERE WE GO AGAIN THIS IS WHAT THEY DID BEFORE AND THEY DESTROYED OUR ECONOMY AND THE WESTERN ECONOMY! THEY ARE GOING TO LET THEM DO IT AGAIN LET US REMEMBER THE WELLS FARGO TOOK $25 BILLION OF OUR TAX DOLLARS FOR THIS KIND OF GREEDY AND CRIMINAL ACTION
PRINCIPLES FOR A FREE SOCIETY