http://www.nytimes.com/2009/06/07/us/07baltimore.html?_r=1
of course the NAACP is jumping on a lawsuit against wells fargo, accusing them of systematic discrimination, apparently its evil for a bank to sell mortages to black people.
i know Walter Block is on top of attacking the PC crowd, this article is full of irrationality imo.
how was it that these loan officers ‘‘steered’’ people into higher interest loans? they didn’t explain. Is it so difficult to understand that many people who rent in the inner city probably don’t have a great credit history (<600)? And the entire concept of subprime lending is for banks to loan money to people with low credit. low credit score= higher interest rates for borrowers- there’s no reason for that, except for discrimination according to NAACP. But hey, this is all racist and corporate greed amarite