Wells Fargo being sued by Baltimore...
"The most devastating form of redlining, and the most common use of the term,
refers to
mortgage discrimination. The term "redlining" was coined in the late 1960s by
community
activists in Chicago. It describes the practice of marking a red line on a map
to delineate the
area where banks would not invest. During the heyday of redlining these areas
were most
frequently black inner city neighborhoods."
Interesting twist. The bank "targeted" areas of Baltimore - with lots of money,
but at higher
rates to WEAKER borrowers - then resells those loans and another company
eventually has to
walk in forclose because the borrower can't afford it after all.
To offer loans or not offer loans? It comes down to HOW a bank (or catalog
company....)
markets their product....
right attorneys?
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