Fmr Wells Fargo Subprime Loan Officer: Bank Targeted Black Churches for Subprime Loans 1 of 2
Up until two years ago, Elizabeth Jacobson was the top producing loan officer in the subprime division at Wells Fargo. Today she is speaking out against the practices of her former company. Earlier this summer, she filed a sworn affidavit with a federal court in support of the city of Baltimores lawsuit against Wells Fargo for pushing high-interest, subprime loans onto African Americans in Baltimore and the Maryland suburbs, leading hundreds into foreclosure.
Elizabeth Jacobson was a subprime loan officer at Wells Fargo for 9yrs and she only learned how bad those 2/28 and 3/27 loans in the end? The reason that Elizabeth quited Wells Fargo in 3rd quarter of 2007 was because the subprime market were DONE.
Ameriquest, Town & Country Credit, Option One…etc sold subprime loans to lots of PRIME borrowers. The companies would make lots money (5-10%) when they sold in the “Secondary Market”. Variable loans with HIGH interest rates for 720 Fico bor.
Its just too bad it takes a loss of income to come forward. Ms. Jacobson has done too many loans to not know in my opinion.
@americaracism911
Wells Fargo Bank also has unwritten rules for its RACIAL HIRING POLICIES.
Im not sure i follow this, they borrowed more than they could afford and now they are carrying out a lawsuit against the bank for lending them the money??