Ghetto Loans

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The city of Baltimore is suing Wells Fargo Bank for targeting black residents for high-interest subprime mortgages in the first documented case of a bank's deliberate racial steering into the troubled subprime loans. Two former loan officers say the bank saw blacks eager to be homeowners as the perfect victims of subprimes.

“We just went right
after them,” said Beth Jacobson, once the bank's top-producing subprime loan officer.

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