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dadmonson

Wells Fargo paid $175 million for charging blacks and Latino buyers higher mortgage rates

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"A government investigation found 34,000 instances of Wells Fargo charging African Americans and Hispanics higher fees and rates on mortgages compared with white borrowers with similar credit profiles, according to documents filed in the U.S. District Court for the District of Columbia."

http://www.reuters.com/article/us-wells-lending-settlement-idUSBRE86B0V220120712

Just wanted to share this in case people here didn't know about it.   It's another reminder that white on black racism still exists today.

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Of course there is still racism today. Is that disputed by anyone? Is racism the most outrageous part of this news story? Or, is the worse news that rights are being violated yet again by the government forcing people to stop their (alleged) racism? Good luck getting rid of racism as long as your culture thinks it's OK to violate rights.

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I'd love to know what percentage of the brokers who sold those 34,000 policies were white. I'd put the over/under at 5%.

21 hours ago, dadmonson said:

"A government investigation found 34,000 instances of Wells Fargo charging African Americans and Hispanics higher fees and rates on mortgages compared with white borrowers with similar credit profiles, according to documents filed in the U.S. District Court for the District of Columbia."

http://www.reuters.com/article/us-wells-lending-settlement-idUSBRE86B0V220120712

Just wanted to share this in case people here didn't know about it.   It's another reminder that white on black racism still exists today.

You do understand that racism isn't the only motive for a bank (or third party broker, in this case) to push a more expensive loan option on someone, right?

And sure, businesses take advantage of minorities' relatively poor decision making. Breaking news: they also sell more cigarettes and booze to minorities, than whites. Should that be illegal too? Should there be a quota on how many cigarettes a convenience store is allowed to sell to minorities, because selling them more than to whites is racist?

(By the way, we don't actually even know...at least not by reading this article...that minorities were disproportionately targeted: it doesn't even look like the Obama admin looked at white borrowers who got the same (mis-)treatment, they just looked at minorities. There could be 100,000 whites paying the same high rates, who aren't getting re-funded: because there's no law against charging more than the minimum possible, to a white person. That's just business. It only becomes illegal when it's "discrimination". )

Edited by Nicky

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