Baltimore to sue mortgage lenders

Meanwhile, Baltimore’s mayor is milking the subprime meltdown and doing her best Jesse Jackson imitation. Sheila Dixon announced that Charm City is suing Wells Fargo over alleged racial discrimination in lending:

Hundreds of foreclosed homes in black neighborhoods resulting in millions of dollars of tax losses are the result of predatory lending, argues a federal lawsuit to be filed today by Baltimore City against one of the country’s largest mortgage lenders.

The lawsuit accuses Wells Fargo Bank of targeting black homeowners in Baltimore with high-interest loans and deceptive lending practices, costing the city millions in tax dollars and resulting in one of the highest foreclosure rates of any lender in the city.

“We can make the case that African-American homeowners were targeted by Wells Fargo with inferior mortgage products, and we have evidence that some of this practice may be illegal,” Sterling Clifford, spokesman for Mayor Sheila Dixon, said Monday.

Citing “reverse redlining,” the suit alleges the bank targets black neighborhoods. The practice resulted in a foreclosure rate for the bank four times higher in the city’s predominantly black neighborhoods compared to white neighborhoods, the suit alleges.

Baltimore Is Suing Bank Over Foreclosure Crisis - New York Times
Michelle Malkin » Mr. Shakedown milks the subprime meltdown
City sues Wells Fargo - Examiner.com


Let the fun begin ...........

[ImnoMensa]

I realise the foreclosure rate for the bank four times higher in the city’s predominantly black neighborhoods compared to white neighborhoods, has nothing to do with who makes their payments on time, but can I mention it without getting spammed?

[aps45819 (Premo)]

The "I'm a victim" never stops

[Lenny]

Originally Posted by aps45819

The "I'm a victim" never stops

Add to that the "I'm the hero" from the nanny-Democrats and it is immortal.

[White Buddah]

If anyone is dumb enough to sign up for shiat like that, it's their own fault!! I still can't understand how people can't afford their homes. I bought two years ago and we are still saving money. If you can't afford something, DON'T BUY IT!!! Common sense must have waived bye-bye to a lot of people a long time ago.

[White Buddah]

[quote=Patch Tuesday;2609098]You guys always forget the old "all we have to do is buy this house and two years from now we're going to sell it for 100-200k more than we're paying for it now" motivational factor...
QUOTE]
You are right. Isn't that what marketing is about though. Making money. At the same time, you can't expect the price to rise no matter the situation. When buying the house I thought, great if the price goes up. I also thought, well if it drops, it drops. We lose money when we go to sell it. BUT, we had our house to live in and do what we please with it. Of course I would love to make money selling it. Unfortunately, that's all a lot of people think of. If you don't want to take the risk, don't do it. If you can't take the risk, don't try to.

[This_person]

Originally Posted by Patch Tuesday

You guys always forget the old "all we have to do is buy this house and two years from now we're going to sell it for 100-200k more than we're paying for it now" motivational factor...

The Housing Bubble was no different than lottery tickets for the poor, except it gave them a place to live in addition to the gamble...

But just like scratch-off tickets, they're now throwing away these loser houses...

Well, and the tickets don't have an inherent value. It's just money lost.

These were bad business deals. Does that mean if I gamble that a stock is going to go up, and it goes down, and most people who bought it were middle class males that I can claim the company targeted middle class males and cheated us?

It's just dumb.

[White Buddah]

Have us pay for it???? DUH That's the new American way. If you can't pay for something and can't seem to find any means of helping yourself out, don't worry! We'll just have all of these other money making people buy it for you.

[White Buddah]

Originally Posted by This_person

These were bad business deals. Does that mean if I gamble that a stock is going to go up, and it goes down, and most people who bought it were middle class males that I can claim the company targeted middle class males and cheated us?

Now you've done it. This will be tomorrows headline all over this globe.