chicagobusiness.com - 73 views
National commentator Tavis Smiley is backing out of the financial seminars he was doing with Wells Fargo, prompted by an Illinois lawsuit claiming the San Francisco-based company discriminated against black and Latino homeowners.
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An affirmative defense of Wells Fargo is that many community leaders introduced sub-prime mortgagees to bank lenders under the guise of "creating wealth."
A recent New York Times editorial indicates that even neighborhood church clergy joined the sub-prime "low monthly payment" chorus.
Discovery is expected to present facts & sworn testimony that, instead of red-lining community residents, Countrywide Financial & Wells Fargo may have been invited in to the homes of many under the guise of harvesting equity from homes throughout the Chcicago area.
Such loans may have actually been favorable to homeowners until Adjustable Rate Mortgages could not be re-financed & the home's value plummeted.
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