by Brian Wolfman
Read this Baltimore Sun article about the City of Baltimore's suit alleging that Wells Fargo engaged in predatory and racially discriminatory lending against Baltimore citizens. Baltimore Mayor Sheila Dixon, pictured to the left, is behind the suit.
Baltimore claims that it reviewed foreclosure data and concluded that Wells Fargo was intentionally steering African-American Baltimoreans into subprime loans. Wells Fargo denies the allegations. The City alleges that it has been injured because it has been required to spend more social services funds on its citizens who have been victimized by Wells Fargo's allegedly unlawful conduct. I think you'll find the complaint very interesting. Note in particular page 34 of the complaint - - a full-color map of the city depicting the racial disparities alleged in the complaint. The New York Times has also covered the story.
There’s so much discrimination! I know that there are loan companies like no fax payday loans, who really help people but still there are some who are indeed predatory lenders. What’s sad is they target minorities and low-income families. Even banks cheat! I found an article here about their dirty business. http://personalmoneystore.com/moneyblog/2008/08/04/banks-caught-lying-about-the-payday-loan-industry-the-real-predatory-lenders-part-i/ Read them because these days, it is important to be well informed so that we can make wiser decisions.
Posted by: Payday Loan | Wednesday, September 10, 2008 at 04:10 AM