Jay Hancock's blog: Ghetto loans - Economic navigation and sightseeing

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June 29, 2009

Ghetto loans

From Julie Bykowicz's story on the Wells Fargo case. Nice.

Two former Wells Fargo employees have claimed in depositions that the company's prime loan officers reaped rewards for steering customers who qualified for regular lending to subprime loans. Tony Pachal, a loan officer from 1997 to 2007, also said employees used racial slurs to describe minority customers and referred to subprime loans as "ghetto loans."

Posted by Jay Hancock at 9:22 AM | Permalink | Comments (0)
Categories: The Great Recession

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About Jay Hancock

Jay Hancock has been a financial columnist for The Baltimore Sun since 2001. He has also been The Baltimore Sun's diplomatic correspondent in Washington and its chief economics writer. Before moving to Baltimore in 1994 he worked for The Virginian-Pilot of Norfolk and The Daily Press of Newport News.

His columns appear Wednesdays and Fridays.

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