WTF Wednesday - Wells Fargo targeting Blacks with bad loans

WTF Wednesday is a feature on WeLoveHipHop.com that will feature a story going on in the news completely outside the realm of Hip Hop, but something you need to pay attention too.

The NY Times reports that Wells Fargo Bank forced predatory subprime loans.

Quotes from the story -

“Wells Fargo mortgage had an emerging-markets unit that specifically targeted black churches, because it figured church leaders had a lot of influence and could convince congregants to take out subprime loans.”

The toll taken by such policies, Baltimore officials argue, is terrible. Data released by the city as part of the suit last week show that more than half the properties subject to foreclosure on a Wells Fargo loan from 2005 to 2008 now stand vacant. And 71 percent of those are in predominantly black neighborhoods.