Wells Fargo, the Stagecoach from Hell, Plowed through Communities with Racist Mortgage Tactics against Blacks

Wells Fargo, the stagecoach from hell, is accused of literally railroading many black customers into an abyss of endless mortgage woes, many cases leading to foreclosure. It is a shame, but this reminds me of the Jamaican legend of Annie Palmer, the "White Witch of Rose Hall," who inflicted untold pain and anguish to many slaves, even allegedly poisoning her husbands until one brave person took matters in his own hands and killed her. Yes, Wells Fargo is getting a dose of its own medicine. In the wake of the subprime mortgage crisis, the illegal and unsavory practices of many of the mortgage lenders are slowly coming to light. The claims filed against Wells Fargo by the city of Baltimore -- and reported in the last week by the Baltimore Sun and New York Times -- are pretty shocking and damning, to say the least.

The suit has accused against the bank of using a range of deceptive practices to push high-interest, subprime loans onto African-Americans in Baltimore and the Maryland suburbs, leading hundreds into foreclosure. Former loan officers Tony Paschal and Elizabeth Jacobson have signed the affidavits and their statements are damning. Paschal said "Wells Fargo targeted black communities for bad loans by focusing on African-American churches, using black employees as its public face, and using software to translate marketing materials into various languages, including something called "African American." Watch Wells Fargo try to spin this and infer that these two former employees had an ox to grind. At this point, with foreclosures still in the stratosphere, I am inclined to believe these two people.

The affidavits were offered as evidence in a lawsuit filed on behalf of Baltimore last year and amended Monday, alleging "tens of millions" of dollars in losses from racist, predatory lending, known as "reverse redlining"- the targeting of minority borrowers, regardless of credit history, for unfavorable subprime loans. The city says the practice led to increased foreclosures, vacant properties and crime in black communities."Our minority residents and homeowners, many of whom were first-time buyers, were led down a disastrous primrose path by Wells Fargo, one of the biggest lenders in the city of Baltimore," City Solicitor George Nilson said in an interview Wednesday."We're trying to do what we can to get some kind of redress."

In an 825-page amended complaint filed Monday, city attorneys attached 20 exhibits, including the employee declarations, 10 studies about reverse redlining and statements from Baltimore residents about the problems of living near foreclosed-upon, vacant homes. They also filed a motion asking that a hearing scheduled for later this month, to determine whether their suit holds water, be "reconsidered" based on the information. Source: The Baltimore Sun

Then they wonder why the push for black empowerment, to do business with our own people is in full swing. Check out Talking Points Memo for an interesting commentary on this debacle.

William Parente, Wife Betty, Two Daughters Stephanie, 19, and Catherine 11, Found Dead in Baltimore Hotel in Apparent Murder-Suicide

UPDATE

William Parente was reportedly under FBI investigation to determine if he was running a shady investment operation, like fellow New Yorker Bernie Madoff, that robbed investors. According to the NY Daily News, Parente wrote nearly half a million dollars in bad checks to at least one of his bilked investors in the days prior to Sunday's murderous rampage.

Bruce Montague, a Bayside, Queens, lawyer, invested hundreds of thousands of dollars with Parente over six years. When he asked for his money back in recent weeks, Parente wrote him more than $400,000 in checks that later bounced. Source: NY Daily News

It is also being reported that his family all died from multiple blows and asphysiaxtion. He then cut himself and bled to death. The man is clearly scum and his family did not deserve this. What he did to them is unforgivable.

Another family falls victim to murder-suicide, just like that. According to media reports, four people found dead in a hotel room near Baltimore were members of a New York family, the police said they will continue to investigate the case as a murder-suicide. The deceased were staying at the Sheraton Baltimore North Hotel. Staff at reportedly found the bodies yesterday afternoon in a locked guest room after the occupants didn't check out as expected.

The Baltimore County Police Department said those killed were identified as William Parente, 59; Betty Parente, 58; Stephanie Parente, 19; and Catherine Parente, 11; all of Garden City, N.Y., on Long Island. Stephanie Parente was a sophomore at Loyola College. She lived on campus at the college, according to Courtney Jolley, a school spokeswoman in an interview with the Baltimore Sun. School officials issued an e-mail announcement this morning to students announcing the woman's death, Jolley said.

Police said the victims were related, although they did not say how. Next-door neighbor Mary Opulente Krener said in a phone interview that William and Betty Parente were a couple and Stephanie and Catherine were their daughters.

"I can't tell you how heartsick I am," she said. "This is the most wonderful family, the most kind and loving family. I'm astounded."

She said William Parente was a real estate attorney in New York. A call to his office was not immediately returned. Betty Parente was on the board of the Tri Town Auxiliary of United Cerebral Palsy of Nassau and volunteered with the Girl Scouts and the American Cancer Society, said Lucille Messina, auxiliary president. Source: Baltimore Sun

I have no doubt that when the dust settles, this will be another tragedy that could have been avoided. I have never heard of so many murder-suicides in such a short period of time as we are hearing lately. I suspect, if economic conditions don't improve, there will be more tragedies of this nature being reported in the mainstream media. This is a travesty.