From Think Big Work Small – Wells Fargo settled for $400 million for REVERSE REDLINING! This is what is wrong with the housing/lending market. Banks and lenders have historically lent money setting an interest rate based on risk. This is good business. The case against Wells Fargo was erroneous, since African Americans constituted a majority of the population in Shelby County, Tennessee. The Federal Reserve supports risk based lending pricing. Lawsuits like this one are brought in the name of “economic” or “social” justice, and it is all just another means of wealth redistribution.
Federal Reserve Reports African Americans High Risk
May 31, 2012
Ordinary citizen concerned with the direction our country is headed.
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