In President Obama’s “post-racial” America, it must.
It was reported today that Wells Fargo is to pay $175 million in a settlement over claims of racial discrimination.
If you've got a subprime Wells Fargo home loan and you're black or Hispanic, you may be getting some monetary relief. http://t.co/8Eg5AdfM
— CBS Los Angeles (@CBSLA) July 12, 2012
More from CBS:
The consent decree filed Thursday also requires Wells Fargo to establish a borrower assistance program that provides $50 million in direct payments for downpayment assistance to residents.
Wells Fargo was accused of routinely discriminating against qualifying African American and Hispanic borrowers by charging them higher fees or rates and improperly placing them in subprime loans between 2004 and 2009.
Twitter users, including author David Limbaugh, are questioning the accusations and subsequent settlement.
https://twitter.com/azkaged/status/223476168769290240
I don't believe for a minute Wells Fargo engaged in racial discrimination. Banks are interested in making loans to those who can pay back.
— Jason B. Whitman, OD (@JasonBWhitman) July 12, 2012
.@DavidLimbaugh the tree of the race-based industrial complex must be watered from time to time with the cash of the innocent. #Shakedown
— Derek Hunter (@derekahunter) July 12, 2012
@DavidLimbaugh I've never sent a sample of my skin tone in order to secure a loan
— David Darnell (@DlorenDarnell) July 12, 2012
How many truly believe a major financial institution is basing its loan decisions today on skin color? Come on.
— David Limbaugh (@DavidLimbaugh) July 12, 2012
@DavidLimbaugh everything about this man is about race, I'm sure he believes everyone is like that.
— Joe Johnson (@65SportFury) July 12, 2012
Are people afraid to stand up against this blackmail for fear of being accused of racism? This is how tyranny occurs. Speak up. Outrageous
— David Limbaugh (@DavidLimbaugh) July 12, 2012
It is a pattern. Bank of America entered into a similar settlement, facing the same accusations, seven months ago.
The settlement with Wells comes seven months after Bank of America agreed to pay $335 million to settle similar allegations launched by the DoJ.
Prosecutors say Well Fargo engaged in systemic discrimination that resulted in more than 34,000 African Americans and Hispanic borrowers paying an increased rate for home loans.
Though Wells settled the claims it denied any wrong doing. “Wells Fargo is settling this matter because we believe it is in the best interest of our team members, customers, communities and investors to avoid a long and costly legal fight, and to instead devote our resources to continuing to contribute to the country’s housing recovery,” said Mike Heid, president of Wells Fargo Home Mortgage.
So the govt is going to force banks to make loans AGAIN irrespective of ability to pay (using race as a cudgel) & despite housing crisis?
— David Limbaugh (@DavidLimbaugh) July 12, 2012
Yes. They don’t care about people; they care about using them only.
Do people think they are insulated from the charge of racism bc they accede to bullying & blackmail. Even if they are, is it worth it?
— David Limbaugh (@DavidLimbaugh) July 12, 2012
The GOP needs to stand against this & rail against it. We are never going to repair race relations by acceding to liberal race-hustling lies
— David Limbaugh (@DavidLimbaugh) July 12, 2012
Yes. The city of Baltimore used such race-hustling tactics against Wells Fargo as well.
If Obama is standing on the shoulders of African Americans then he's got to lose some weight, because he's crushing their prospects.
— David Limbaugh (@DavidLimbaugh) July 12, 2012
See what I mean? They're trying to expand dependency! RT @DRUDGE_REPORT: USDA promotes food stamps with soap operas http://t.co/bDtoUwew
— David Limbaugh (@DavidLimbaugh) July 12, 2012
That is what happens when the race card is used in conjunction with passing the buck and blame-gaming. It is ultimately, and perpetually, detrimental to minorities.
@DavidLimbaugh So-called "anti-discrimination" was the main weapon used by regulators to force banks into sub-prime lending last decade.
— TraderRLH (@TraderRLH) July 12, 2012
And they are trying to do that again. They cycle of dependency and enslavement by the Left continues.
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