We Are All Subprime Now …

capitalism2qd5And the hits keep coming:

Wells Fargo, Ms. Jacobson said in an interview, saw the black community as fertile ground for subprime mortgages, as working-class blacks were hungry to be a part of the nation’s home-owning mania. Loan officers, she said, pushed customers who could have qualified for prime loans into subprime mortgages. Another loan officer stated in an affidavit filed last week that employees had referred to blacks as “mud people” and to subprime lending as “ghetto loans.”

“We just went right after them,” said Ms. Jacobson, who is white and said she was once the bank’s top-producing subprime loan officer nationally. “Wells Fargo mortgage had an emerging-markets unit that specifically targeted black churches, because it figured church leaders had a lot of influence and could convince congregants to take out subprime loans.”

Bailouts, bitchez. Enjoy the new boss.

Bank Accused of Pushing Mortgage Deals on Blacks [New York Times]

Target the black churches. Is that cold, or what?

T/J note to car nuts: I saw one of these at my local gas station this AM: http://www.pairadicecruisers.org/images/members/Schoening66GTO.jpg. The driver had the hood up (natch). We agreed that they don’t make ’em like that any more.

@Dodgerblue: Thank you for the injection of a little horsepower. Don’t see many musclecars in Manhattan.

BREAKING HARD — in the Euro elections, the BNP have won a seat.

(If you don’t know of the BNP, then (a) good for you, because (b) they are straight-up fascists who don’t let black people join the party. Not that black folks would ever want to join up with those clowns.)

[ADD: Labour is getting their asses kicked. But we knew this going in.]

Anyway — to the point of this thread: if you’d look at some maps of foreclosures in a town like, say, Cleveland, you’d see that the predominantly/historically black neighborhoods were absolutely devastated, at least in comparison to other neighborhoods. This isn’t news. This is terribly sad, of course, but it’s not news.

@blogenfreude: Hey. I am in midtown for a gig. Whey’at?


@Dodgerblue: You wanna RICO? Here’s one: “Loan officers, she said, pushed customers who could have qualified for prime loans into subprime mortgages.”

Wells literally constructed an enterprise that would drive mocha through their churches people to lenders who would *systematically* steer them to expensive. volatile loan instruments full in the knowledge they were denying them access to conventional lower cost instruments to enrich the bank. This, I think, fulfills the definition of a continuing criminal enterprise. There’s got to be some kind of civil rights angle there someplace with the focus on the melanin enhanced.

@FlyingChainSaw: Yep. With a solvent bank as a defendant. You think the bank’s lawyers would try to keep any particular folks off the jury?

Wait, but I thought there was no racism in America any more… did Dinesh D’Souza lie to me?

It won’t matter. Everyone is so fucking righteously enraged at these organize crime rings masquerading as banks the bank’s lawyers could enpanel 12 klansmen and they’d find agains Wells and help behead their executives and help the victims rape the bloody neck stumps.


More from England — the BNP leader won a Euro seat too.

A comment found on the Guardian live-thread (linked in my prior comment) said it best — yesterday, we celebrated the beginning of the end of the Nazis. And now the Brits are sending two Nazis over. Shameful, really.

@Serolf Divad: COTD! (My loonie Austrian economics loving abusive second ex-husband worships that guy.)

Are these are thye same black preachers now speaking out so valiantly against fag marriage? Praise Jesus!

@homo limeyensis: Oh, the sudden love on the part of the americann fundamentalist white protestants, once they discovered that they have a bigotry in common with the Catholics and the blacks, its kinda startling to me. US Episcopal churches joining the dioceses of black african churches, solely because the african churches hate homosexuality, fundie US protestants embracing the once-hated Catholics, once they found that the catholics hate teh gays and love the unborn.

The world has turned upside down. All the old rules over who hates whom are dissolved, as prior enemies join together to fight teh gays. And to save the zygotes.

@FlyingChainSaw: emailed you ….
@Promnight: That’s Blastocyst-Americans, my friend. Watch it.

@chicago bureau: So, the balance shifts from the Democrat Socialists to the “centre right” People’s Party, while fringe groups like the Pirate Party make fresh inroads.

Look for free downloads of bootleg Albert Speer monologues in the near future.


Wow. This could be big.

Loving the comments, wishing I was in a compatible time zone.

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