Wells Fargo Pays $175 Million for Discriminatory Lending
The banking giant Wells Fargo Bank has agreed to pay a settlement of at least $175 million for discriminating against African-American and Hispanic borrowers. The Justice Department says Well Fargo routinely carried out misleading lending practices to minority communities from 2004 through 2009, saddling them with subprime loans and pushing many into foreclosure. All told, Wells Fargo’s practices are said to have led to higher rates for 34,000 African-American and Hispanic borrowers in 36 states and the District of Columbia, solely because of their ethnicity. On Thursday, Deputy U.S. Attorney General James Cole said the settlement would bring relief to Wells Fargo’s victims.
James Cole: “With today’s settlement, the federal government will ensure that African-American and Hispanic borrowers who are discriminated against will be entitled to compensation, and borrowers and communities hit hard by this housing crisis will have the opportunity to access home ownership.”
Under the settlement terms, Wells Fargo will pay $125 million in compensation to borrowers and another $50 million in direct down-payment aid in parts of the country where rampant discrimination was found. In striking the deal, Wells Fargo refused to admit to any wrongdoing but said it wanted to settle the case to avoid a lengthy legal dispute.
Romney Booed During NAACP Address
Republican presidential candidate Mitt Romney faced an icy reception on Wednesday as he addressed the annual convention of the NAACP. Romney drew boos from the crowd when he vowed to repeal President Obama’s healthcare law and billed himself as the better candidate for the African-American community.
Mitt Romney: “If our goal is jobs, we have to stop spending over a trillion dollars more than we take in every year. And so, and so, to do that I am going to eliminate every non-essential expensive program I can find. That includes Obamacare — and I’m going to work to reform and save … (Audience boos). My agenda is not to put in place a series of policies that get me a lot of attention and applause. My policy would be, number one: Create jobs for the American people. I do not have a hidden agenda. I submit to you this — if you want a president that will make things better in the African-American community, you are looking at him. (Audience boos). You take a look.”
Romney later drew controversy when he discussed his NAACP appearance at a fundraising event last night in Montana. Romney reportedly told the crowd: “If they want more stuff from government tell them to go vote for the other guy-more free stuff. But don’t forget nothing is really free.”
House GOP Votes to Repeal Obamacare
As Mitt Romney continued to vow an end to so-called “Obamacare,” the Republican-controlled House passed a measure to repeal the law. Democrats say the measure has no chance of passing the Senate. Speaking on the House floor, House Majority Leader Eric Cantor and Democratic Minority Leader Nancy Pelosi traded barbs over the law.
Eric Cantor: “We are trying to end the era of Washington-controlled healthcare. We believe, as do most of the American people, that’s — it’s patient-centered care is our goal. That’s where we need to start. We start along the path to that goal by repealing Obamacare.”
Nancy Pelosi: “American people want us to be creating jobs. That’s what we should be using this time on the floor for. Not this bill to nowhere — bill to nowhere that does serious damage to the health and economic well being of America’s families.”
Wednesday’s House vote marked the 33rd time the House has voted to repeal all or part of Obama’s healthcare law.
Tabacco: If it affects Black people in the USA, it affects Wyandanch too, doesn’t it!
PS I have been suffering from self-induced medical problems. Namely, I found coldcuts and cheese at the Dollar Store. Who could resist the price! I forgot to mention I am also lazy! So instead of cooking or eating out sensibly, I began shoving 3 sandwiches a day into my face – INSTANT GRATIFICATION!
I’ve had bouts with GOUT before, but this was by far the worst. It was accompanied by RA (Rheumatoid Arthritis), which went from excruciating feet and ankle pain and inability to even walk, followed by feet swelling, moderate pain and inability to walk without holding onto something. This episode began May 22nd. Today is July 13th, and I am much better. The pain is almost completely gone and the swelling is minimal. And I still have taken no medicine at all. They did tests all right, but I’ve beaten this thing by eating smartly, not by popping pills or being a pincushion. It won’t be long before I am back in the Wyandanch School Board’s hair again. Don’t worry guys, I’m almost 100% again and raring to go!
I went to the ER twice. I ran into the Shirley Baker Klan there on June 4th. I spoke and she responded before she realized who that was in the wheelchair. When the 3 Klan members left, I was sitting in my wheelchair inside the ER front door awaiting my car ride. The 3 walked out in a huff without even so much as a “I’ll see you around”. I’m so glad I could make her day!
Eating all that protein caused all my feet problems. The trouble is I knew better! There is nothing like knowing better but ignoring your own knowledge.
Tabacco: I consider myself both a funnel and a filter. I funnel information, not readily available on the Mass Media, which is ignored and/or suppressed. I filter out the irrelevancies and trivialities to save both the time and effort of my Readers and bring consternation to the enemies of Truth & Fairness! When you read Tabacco, if you don’t learn something NEW, I’ve wasted your time.
Tabacco is not a blogger, who thinks; I am a Thinker, who blogs. Speaking Truth to Power!
In 1981’s ‘Body Heat’, Kathleen Turner said, “Knowledge is power”.
WYANDANCH/WHEATLEY HEIGHTS CITIZENS’ COALITION