Thursday, July 12, 2012


This happened today:
Wells Fargo, the nation's largest home mortgage lender, has agreed to pay at least $175 million to settle allegations that outside brokers discriminated against black and Hispanic borrowers during the housing boom, the Justice Department announced on Thursday....

An investigation by the department's Civil Rights Division found that independent mortgage brokers originating Wells Fargo loans charged higher fees and rates to minority borrowers across the country than they did to white borrowers who posed the same credit risk....
How upset is lesser-known brother and bestselling author David Limbaugh about this? Well, he's ... kind of upset. In fact, he can't stop tweeting about it:

Here's a 2009 story about the "liberal race-hustling lies" that David Limbaugh wants the GOP to "stand against" and "rail against":
As she describes it, Beth Jacobson and her fellow loan officers at Wells Fargo Bank "rode the stagecoach from hell" for a decade, systematically singling out blacks in Baltimore and suburban Maryland for high-interest subprime mortgages.

...Loan officers, she said, pushed customers who could have qualified for prime loans into subprime mortgages. Another loan officer stated in an affidavit filed last week that employees had referred to blacks as "mud people" and to subprime lending as "ghetto loans."

"We just went right after them," said Ms. Jacobson, who is white and said she was once the bank's top-producing subprime loan officer nationally. "Wells Fargo mortgage had an emerging-markets unit that specifically targeted black churches, because it figured church leaders had a lot of influence and could convince congregants to take out subprime loans."

...At the heart of such charges is reverse redlining, specifically marketing the most expensive and onerous loan products to black customers.

The New York Times, in a recent analysis of mortgage lending in New York City, found that black households making more than $68,000 a year were nearly five times as likely to hold high-interest subprime mortgages as whites of similar or even lower incomes. (The disparity was greater for Wells Fargo borrowers, as 2 percent of whites in that income group hold subprime loans and 16.1 percent of blacks.)

...These practices took a great toll on customers. For a homeowner taking out a $165,000 mortgage, a difference of three percentage points in the loan rate -- a typical spread between conventional and subprime loans -- adds more than $100,000 in interest payments....
David Limbaugh thinks a bunch of black people just made that up, and convinced a black attorney general to use those made-up charges to shake down a poor, suffering trillion-dollar bank.

He's very upset about all this. In a totally not-racist way, of course. Because, of course, only black people and white liberals are racist.


Unknown said...

Odd. I have no trouble believing this, at all.

In fact, things being as they are, it would be something of a surprise for any banker to come up totally clean in this regard, don't you think?

And for any bank of significant size to come up clean would itself be very hard to believe.

Victor said...

Is it possible that there's someone even more stoooooopid in Rush's family than Rush?


"How many truly believe a major financial institution is basing its loan decisions today on skin color? Come on."

No, David, never in the history of this country did financial institutions EVER make it's loan decision on skin color.

Or religion(s).

Why, the shufflin' black-folk and the horned Jew's were their best customers here in America going on for what, at least a couple of centuries, right?

Can a person be any feckin' stooooooooooooooopider, and still remember to breath?

Oh yeah, David should get on his knees every day, and say thankful prayers that his God made breathing an involuntary reflex, so morons like him could live more than a few minutes after being born.

What a dope! WHAT A MAROON!!!