Tuesday, September 22, 2015

Oakland sues Wells Fargo for damages from discriminatory lending practices

Oakland City Attorney Barbara Parker
PHOTO/Shane Bond
OAKLAND | The city of Oakland has filed a federal lawsuit against financial institution Wells Fargo alleging its lending practices were predatory and discriminatory. The lawsuit filed by Oakland City Attorney Barbara Parker Tuesday alleges Well Fargo targeted African American and Hispanic borrowers in Oakland for high risk loans even when they qualified for better rates and terms.

“Wells Fargo’s discriminatory conduct devastated individuals and communities, increasing poverty and wiping out or drastically reducing wealth for minority communities while bankers prospered,” said Parker.

“Wells Fargo and other banks knew when they issued predatory loans that many of them would result in foreclosure. None of the responsible bankers have been held personally accountable in any meaningful manner, and the leaders of these institutions earned millions of dollars generated in part by issuing toxic loans to minorities. We will not tolerate this activity and we are working with other municipalities to stop this unconscionable behavior.”

The lawsuit seeks a federal court to order Wells Fargo to stop offering predatory loans to potential borrowers and compensate the city for damages caused to residents in past years that included a severe recession. Parker added, resident’s financial loss is also Oakland’s through millions in tax revenues to the city, including lowered property taxes.


By MW:

Concerning the conduct of Wells Fargo and other banks.

Even if it did act wrongly and improperly, and even if its supposed wrongful and improper conduct did have negative effects on individuals and communities in Oakland, still any supposed crimes Wells Fargo may have possibly committed would not have even added up to a drop in the bucket as far as compared to the negative and deleterious effects caused by the actions of the demagogue and charlatan politicians, and such as Barbara Parker, but who pretend to be great liberals and wonderful humanitarians, that infest many United States cities, and especially in the Bay area, and including Oakland.

And if you want your city to go straight to hell, for crime rates, and including murder rates, to skyrocket, for the public schools to deteriorate as much as possible, and for neighborhoods to become unsafe to walk in, then elect "liberal" politicians, and then complain that the supposed reason your city has turned into a crime ridden hellhole is the fault of the banks and/or some other outside influence, and even though actually it is the fault of those "wonderful" demagogue "liberal" politicians you elected and the people in your city who were foolish enough to elect those charlatans and demagogues who pretend to be liberals.

To sum up, if Barbara Parker is unhappy with the present situation in Oakland, then she should sue herself and also most of the other people who in recent decades have served as high ranking politicians, and including mayors and members of the City Council, in Oakland.

MW is as easily confused as the Oakland pols he criticizes.

Oakland pols would like to think of themselves as liberals or progressives. In fact they are not. Oakland's most vulnerable citizens have been abused by police for decades and the parts of Oakland most economically-deprived 25 years ago are still economically-deprived.

I could go on. Oakland's 50,000 school children are still mostly economically-deprived and not doing well in academic achievement. Again, this is nothing new.

If being liberal or progressive means taking care of the most exploited and disadvantaged people in this city, there is no way that Oakland pols can be considered liberal or progressive.

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