Well, it looks like Wells Fargo may be getting a tiny bit of comeuppance. Last week, the Justice Department forced Wells Fargo to pay at least $175 million to settle accusations that it discriminated against African-American and Hispanic borrowers.
This comes just weeks after Wells Fargo agreed to give out $425 million in new loans and aid to the people of Memphis for targeting people of color with predatory loans.
Wells Fargo, which is the country’s largest residential home mortgage originator, engaged in a pattern of discrimination against qualified African-American and Hispanic borrowers from 2004 through 2009, according to the claim.
Deputy Attorney General James Cole said the bank’s discriminatory lending practices resulted in more than 34,000 African-American and Hispanic borrowers in 36 states and the District of Columbia paying higher rates for loans just because of the color of their skin. And you thought racism was over.
The bank will pay $125 million to borrowers who were given subprime mortgages or who paid higher fees and rates than white borrowers because of their race. They will also pay $50 million in direct down payment assistance to borrowers in areas of the country where the Justice Department identified a large number of discrimination victims.
While $125 million doesn’t come close to satisfying all the people who were ripped off by Wells Fargo during the mortgage boom (and the bust) it is a great start. If you read my blog about the $425 million settlement with minorities in Memphis, you have an idea of just how much money Wells Fargo should be paying.
In addition to the $25 billion they got in a government bailout, these guys made more than $15 billion in profit last year, have $89 billion in revenue and $1.3 trillion in assets. Handing out $125 million to borrowers who can now prove in court that they were preyed upon is nothing to them.
The good news is that this is likely not the end of the money hemorrhaging for Wells Fargo. They’ve been hit with at least four major court actions alleging predatory practices on the part of its loan officers and this one makes three that they have had to pay up on so far. The others include a lawsuit from the city of Baltimore, the lawsuit from the city of Memphis and civil charges from the Federal Reserve, accusing Wells Fargo of pushing thousands of minority borrowers into subprime contracts.
The Justice Department also said that they’re investigating 15 other claims of loan discrimination. Bank of America’s stock plummeted yesterday, which leads one to believe there may be bad news coming for them and Wells.
Nominations for the Emmys Are In Today
First and foremost, how is Starz’ brilliant and amazing show “Boss” not nominated for a single award? This is hands down the best show on television. It is superb, amazing, splendiferous TV. Kelsey Grammar is amazing in it and so is the entire cast. The writing is fantastic and Mario Van Peebles does a terrific job directing. I’m out of adjectives this show is so fucking good. And not one nomination? Really? Not one. If I prayed, I would pray for this country right now. This is an outrage.
Second thought, “Modern Family” is a really good, funny show, but does EVERYONE on the cast need an Emmy award? I agree, the fact that a network family comedy is funny is cause for celebration, but nominating every single principal with the exception of the kids seems a bit much. Noms are deserving for Julie Bowen, Sofia Vergarra (mostly for being stupidly hot) and Eric Stonestreet for being an alleged heterosexual who plays gay soooooooo convincingly.
Third, “Girls” got two nominations. I’m still trying to find someone who can explain to me what is good about this show. I’ll wait.
Fourth, must we reward everything that’s popular? “The Big Bang Theory” got three nominations. I don’t care how popular the show is, it’s stupid. It’s lazy and plays on the simplest and most predictable comedy themes. And it’s just stupid. I thought the Emmys were about rewarding excellence in television. There is nothing excellent about that show. Nothing. If I ever meet anyone who watches “The Big Bang Theory” I will make it a point to immediately think less of them.
Now that I’ve gotten the bellyaching out of the way, there were some pleasant surprises. HBO’s ”Veep” is an unexpectedly great and funny show. I have my (unconfirmed) suspicion that the show is actually based on Joe Biden, but even beyond the comparisons one could draw between Veep’s Selena Meyer and Biden, it’s brilliantly well written. I thought it was going to be a huckfest at the expense of Sarah Palin and other dim-witted politicians in DC when I first saw the ads for it, but it’s actually a smart and fresh show about the characters and issues that exist inside the DC beltway. Seriously, it’s really good.
Finally, if Julianne Moore doesn’t win for her performance as Sarah Palin in “Game Change” let’s just stop doing this. Moore was incredible. She didn’t just throw on a hokey Ala-ska accent and mock Palin, she really brought every part of the former governor to life. Despite allegations that Palin didn’t know the Queen of England wasn’t actually a political leader, had no idea why the US was in Iraq and had no context whatsoever of what happened in World War I and II or any war before or after, I thought the movie was actually very fair to her. Rather than just expose Palin’s erratic behavior and lack of basic knowledge, it gave some background and put her in a truly humanizing light. None of that would have been possible if Moore hadn’t given such a splendid performance. She should win. Period.
Here is the full list of Emmy Award nominees for the 64th Annual Emmy Awards. Jimmy Kimmell will host.
I’ll release Vegas odds on the Emmys as soon as they’re released.