Mayor Eric Adams and Comptroller Brad Lander have publicly promised that New York City will block Wells Fargo from any new contracts for banking services, following claims the financial giant racially discriminates against Black homeowners.
https://www.thecity.nyc/2022/4/8/23016957/nyc-wells-fargo-ban-adams-lander
We should definitely push for mortgages to be given to unqualified individuals. What could possibly go wrong?
Yours truly, Barney Frank
It's funny that it's the same people complaining about this supposed discrimination have no problem saying they'll exclude all straight white males from their running mates or court nominees. Systemic racism is alive and well against whites.
Just reading the article referenced below and something struck me as odd
"Ricard’s house—an investment property that was his home before he moved to another Atlanta suburb in 2017"
Having done something similar through Rocket, getting a mortgage on an unoccupied or rental investment property is a nightmare anywhere. The only option I could find was to actually call it a primary residence and say that I'd be living there. I'm not sure how much of this is motivated by race but it sounds a bit suspect to me. Underwriters just don't like financing investment properties because when things go bad, people dump them pretty quickly.
For anyone that needs the stats...Wells Fargo Rejected Half Its Black Applicants in Mortgage Refinancing Bo-m
https://www.bloomberg.com/graphics/2022-wells-fargo-black-home-loan-refinancing/
If corrupt POS politicians that are known liars come out against you, it's probably a sign that you're one of the good guys. Just saying. My guess is, this mo--n is probably upset because he hasn't got any extortion payments from Daley, while the other banks have paid him off so he leaves them alone. Typical politician.
Curious if this will impact the tax services/collection services WF has with NY.
"Just read it, there's zero metrics done on the other large banks, where's JPMorgan or Bank of America etc.."
that would be because..... their metrics look fine. This is publicly available data. try to keep up.
Just cause you wait 20 minutes between pro-racism posts doesn't mean you're the majority opinion.
To some people, being charged is the same as being guilty. Wells needs to tell the mayor and the comptroller to go pound sand. We don't need their money. And we won't entertain those charges. Racist charges have simply gone too far in society. Call some one or some entity racist, and deny them in the interim. Money delayed is money denied, just as justice delayed, is justice denied.
That racist software strikes again. Forget credit score and income just ask for the skin color and reject the application on this alone. Was this mentioned by the race card expert mayor? Was actual evidence provided? Or is this just pointed out from a speech?
A few weeks ago, Eric Adams gave New York athletes an exception to the city’s have to be vaccinated to work policy. This excemption however was not given to low and middle class workers who actually need the income. Maybe he should sit this one out.
NY Gov't doesn't even have deposit accounts with the bank. Everything is a stage production to grab votes with these guys, they have no ethics and that's exactly the reason NY and SF are dumpster fires now. No doubt the guy who wrote the Bloomberg article was paid some sort of bribe. Just read it, there's zero metrics done on the other large banks, where's JPMorgan or Bank of America etc.. nope not listed and you have to wonder why they just group all banks in the universe in some other bucket. It reads just like a poorly done hit piece with some narrative first and statistics excluded and twisted 720 to back it up. The bank needs to investigate who the puppet master for this guy is.
"Employee's at the bank im sure would be more than willing to provide community service at schools."
Speak for yourself and stop volunteering others.
@upf+1g9JPyCw - The company is characterized as racist because Charlie is a racist and his “no black talent” comment will continue to haunt him for the rest of his career. Tone at the top is awful from every perspective.
your explanation is racist. go educate yourself.
it was in bloomberg with a ton of data - all publicly available HMDA data.
What a sad situation this country is in. The simple fact is the whole deal is semi automated and I don't believe even factors in race, they might ask for gov't research purposes though. The net worth of Black in America is dismal compared to other races. The root of the problem though is financial education. A great many Black's make errors like not paying bills on time and sc--w up their credit history. Saying this bank is "racist" is simply a scape goat, that doesn't address the problem in the African American community. It would be more wise for them to start having financial education courses provided at high schools and maybe throw in an excel course. Employee's at the bank im sure would be more than willing to provide community service at schools. Bank's aren't racist, they are in the business of making money and could care less about skin color. Banks provide a valuable function for capitalism and democracy and if politicians aren't educated in economics or finance and start trying to destroy credit standards you have 2007/8 events, shame on them and their lack of knowledge.
I also think it's probably another overblown pc conspiracy theory, but if it hurts Wells Fargo, I'm all for it. Twist the kn--e.
Average credit score of the applicants? Average debt to income ratio? Not saying discrimination didn’t happen but would be nice to actually have data to back up the claims
Claims aren't necessarily true though. Definitely guilty before innocent in this case. Seems they are getting caught up in the media and wokeness.
The west coast banks banned us when the fake account scandal was emerging now the east coast is following suit. East coast twice as putative because we’re already under the asset cap - can’t really take on business like that at the moment.
Happened under Charlie's watch, lol.
One step forward, two steps back..