Inside from the Inside

This is what Wells Fargo employees called the African American  targets of their “ghetto loan” program designed to steer these folks into high interest subprime mortgages.  The Sunday NY Times outlines the details of this sleazy practice including the creation of  an ” affinity marketing section” which hired blacks to call on African American churches in Baltimore and suburban Maryland.  Black loan officer Tony Paschal stated that ” The company put bounties on minority borrowers… loan officers received cash incentives to aggressively market subprime loans in minority communities.”  Wells Fargo is currently being sued by Baltimore.