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Wells Fargo gave wealthy Chicago blacks subprime loans more often than poorer whites

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Wells Fargo gave high-cost, subprime loans more often to its highest-earning African-American borrowers in Baltimore and Chicago than to its lowest-earning white borrowers in 2007, according to an analysis of mortgage lending data by The Chicago Reporter.

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BradFlora 32 weeks 6 days ago
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1
Clout

Great work from the Chicago Reporter.

In metropolitan Chicago, about 34 percent of African Americans earning $120,000 or more received high-cost, subprime loans from Wells Fargo in 2007. Less than 22 percent of white borrowers earning less than $40,000 got high-cost loans from the lender.

Frank 32 weeks 6 days ago
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1
Clout

Fantastic reporting, but disturbing as hell. This goes beyond simple predatory lending and amounts to the wholesale gutting of communities of color in Chicago. Screw the banks.

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By BradFlora 32 weeks ago

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