Predatory Banks Exposed as Part of Anti-Nigger Machine!

I was listening to the Public Radio International show TO THE POINT yesterday and the main story was about how Blacks an Latinos have a disproportionately high level of home foreclosures... the reason behind this? A resurfacing and repackaging of an old technique that white people used to fuck with people of color, this time it's called REVERSE REDLINING!!! This is where the insidious bankers/mortgage brokers specifically target Black and Latino homeowners and sucker them in to taking out subprime loans on their homes. Not because these people have bad credit ratings, far from it! Their only crime could have just been being financial ignorant (truth be told, many of those exotic subprime loans are DESIGNED to confuse the borrower) and that banks, all the major banks, have systematically pulled out of servicing the so-called Ghetto.

Criminally evil bank Wells Fargo was particular malignant and malicious in its predatory activity. They're being sued by the City of Baltimore for their wide-spread practice of reverse redlining. Employees have stated under oath that they called Blacks and Hispanics, "Mud People" and were going to saddle "these idiots with ghetto loans." I'm surprised there hasn't been any emails released outlining this Anti-Nigger Machine Practice.

We can once again place the blame of this fucking with Blacks at the feet of the Dubya Bush Administration's policies. Dubya was all about having as many people as possible own homes -- irrespective of their qualifications for that or if it was economically feasible to have some much home ownership... because we saw how this drive for everyone to have their house with the picket fence artificially inflated home prices across the board.

We can also blame Dubya Bush for the outrageous level of consumer spending that went on in the wake of 9/11. Remember when that Texas fuckwad got up on the mic and damn near begged Americans to going to buy, buy, buy to spur the economy!

Thanks a lot, Dubya!

The problem with banks like Wells Fargo and Washington Mutual (uh... Chase now) is that they pushed and pushed and pushed these loans on unsuspecting Black people. In the TO THE POINT story, one of the guests recounts that in Atlanta there were task forces, TASK FORCES!!! that were set up to prevent these ANM vultures from co-opting Black Home Owners with "equity in your house that you're wasting" at Church! At Church!

What the Fuck Is Wrong With These People?!!?! Oh, I forgot, that Dubya Bush motto of get in a home and then self-rape your home by pulling out the equity so you can buy some more shit under conspicuous consumption ideals that you don't really need. The sad thing is, it wasn't just white people peddling these loans to financial illiterate people of color; lots of Uncle Tom-type card-carrying GOP Blacks and Hispanics were enlisted to "work with your people."

A record pace of home foreclosures is taking its biggest toll on blacks and Hispanics. Did big lenders conduct a new kind of housing discrimination by pushing sub-prime loans to minorities hoping for a piece of the American dream?