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Racist Suspect Watch


free your mind!

Cress Welsing: The Definition of Racism White Supremacy

Dr. Blynd: The Definition of Racism

Anon: What is Racism/White Supremacy?

Dr. Bobby Wright: The Psychopathic Racial Personality

The Cress Theory of Color-Confrontation and Racism (White Supremacy)

What is the First Step in Counter Racism?

Genocide: a system of white survival

The Creation of the Negro

The Mysteries of Melanin

'Racism is a behavioral system for survival'

Fear of annihilation drives white racism

Dr. Blynd: The Definition of Caucasian

Where are all the Black Jurors? 

The War Against Black Males: Black on Black Violence Caused by White Supremacy/Racism

Brazen Police Officers and the Forfeiture of Freedom

White Domination, Black Criminality

Fear of a Colored Planet Fuels Racism: Global White Population Shrinking, Less than 10%

Race is Not Real but Racism is

The True Size of Africa

What is a Nigger? 

MLK and Imaginary Freedom: Chains, Plantations, Segregation, No Longer Necessary ['Our Condition is Getting Worse']

Chomsky on "Reserving the Right to Bomb Niggers." 

A Goal of the Media is to Make White Dominance and Control Over Everything Seem Natural

"TV is reversing the evolution of the human brain." Propaganda: How You Are Being Mind Controlled And Don't Know It.

Spike Lee's Mike Tyson and Don King

"Zapsters" - Keeping what real? "Non-white People are Actors. The Most Unrealistic People on the Planet"

Black Power in a White Supremacy System

Neely Fuller Jr.: "If you don't understand racism/white supremacy, everything else that you think you understand will only confuse you"

The Image and the Christian Concept of God as a White Man

'In order for this system to work, We have to feel most free and independent when we are most enslaved, in fact we have to take our enslavement as the ultimate sign of freedom'

Why do White Americans need to criminalize significant segments of the African American population?

Who Told You that you were Black or Latino or Hispanic or Asian? White People Did

Malcolm X: "We Have a Common Enemy"

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Friday
Jul132012

Wells Fargo Pays $175M in Racial Discrimination Settlement: Ripped Off Blacks & Latinos

From [HEREWells Fargo Bank will pay at least $175 million to settle accusations that it discriminated against African-American and Hispanic borrowers in violation of fair-lending laws, the Justice Department announced Thursday. Wells Fargo, the nation's largest residential home mortgage originator, allegedly engaged in a pattern or practice of discrimination against qualified African-American and Hispanic borrowers from 2004 through 2009.

At a news conference, Deputy Attorney General James Cole said the bank's discriminatory lending practices resulted in more than 34,000 African-American and Hispanic borrowers in 36 states and the District of Columbia paying higher rates for loans solely because of the color of their skin. Cole said that with the settlement, the second largest of its kind in history, the government will ensure that borrowers hit hard by the housing crisis will have an opportunity to access homeownership. Wells Fargo noted in a statement that it has denied the claims. 

The bank will pay $125 million in compensation for borrowers who were steered into subprime mortgages or who paid higher fees and rates than white borrowers because of their race or national origin rather than because of differences in credit-worthiness.

Wells Fargo also will pay $50 million in direct down payment assistance to borrowers in areas of the country where the Justice Department identified large number of discrimination victims. Those areas include Washington, D.C., Chicago, Philadelphia, Oakland and San Francisco, New York City, Cleveland and Baltimore.

"The department's action makes clear that we will hold financial institutions accountable, including some of the nation's largest, for lending discrimination," Cole said.

The settlement will bring "swift and meaningful relief" to African-American and Hispanic borrowers who received subprime loans when they should have received prime loans or who paid more for their loans, said Thomas Perez, assistant attorney general for the Justice Department's civil rights division.

Perez said that because of the bank's practices "an African-American wholesale customer in the Chicago area in 2007 seeking a $300,000 loan paid on average $2937 more in fees than a similarly qualified white applicant. And these fees were not based on any objective factors relating to credit risk. These fees amounted to a racial surtax. A Latino borrower in the Miami area in 2007 seeking a $300,000 paid on average $2,538 more than a similarly qualified white applicant. The racial surtax for African Americans in Miami in 2007 was $3,657."

"Wells Fargo is settling this matter solely for the purpose of avoiding contested litigation with the DOJ," it said, "and to instead devote its resources to continuing to provide fair credit services and choices to eligible customers and important and meaningful assistance to borrowers in distressed U.S. real estate markets."

The part of the settlement for $125 million deals with mortgages that were priced and sold by independent mortgage brokers through Wells Fargo's wholesale channel. The financial institution said that it is discontinuing financing mortgages that are originated, priced and sold by independent mortgage brokers through the mortgage wholesale channel.

"Through our separate decision to no longer fund mortgages through independent mortgage brokers, we can control how that commitment" to serving home ownership needs "is met on every mortgage that Wells Fargo makes," said Mike Heid, president of Wells Fargo Home Mortgage.

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