Back in 2010 it was a Senate filibuster that prevented passage of the Paycheck Fairness Act. The Act would have helped end discriminatory pay practices against women. Needing 60 votes to overcome a Republican filibuster, Democrats could only garner 58.
So, while the House passed the bill and a majority of senators favored passing the bill, because Senate rules require a supermajority to invoke cloture, the bill died.
Bank Accused of Pushing Mortgage Deals on Blacks
By MICHAEL POWELL
Published: June 6, 2009
As she describes it, Beth Jacobson and her fellow loan officers at Wells Fargo Bank “rode the stagecoach from hell” for a decade, systematically singling out blacks in Baltimore and suburban Maryland for high-interest subprime mortgages.
These loans, Baltimore officials have claimed in a federal lawsuit against Wells Fargo, tipped hundreds of homeowners into foreclosure and cost the city tens of millions of dollars in taxes and city services.
Wells Fargo, Ms. Jacobson said in an interview, saw the black community as fertile ground for subprime mortgages, as working-class blacks were hungry to be a part of the nation’s home-owning mania. Loan officers, she said, pushed customers who could have qualified for prime loans into subprime mortgages. Another loan officer stated in an affidavit filed last week that employees had referred to blacks as “mud people” and to subprime lending as “ghetto loans.”
It also puts the lie to the claim that "the only color that matters is green". If it was all about greed and nothing else, they could just as easily have pushed these loans on whites as enthusiastically as they pushed them on blacks, and made even more money. But, they didn't.
“We just went right after them,” said Ms. Jacobson, who is white and said she was once the bank’s top-producing subprime loan officer nationally. “Wells Fargo mortgage had an emerging-markets unit that specifically targeted black churches, because it figured church leaders had a lot of influence and could convince congregants to take out subprime loans.”
Ms. Jacobson’s account and that of the other loan officer who gave an affidavit, Tony Paschal, both of whom have left Wells Fargo, provide the first detailed accusations of deliberate racial steering into subprimes by one of the nation’s top banks.
The toll taken by such policies, Baltimore officials argue, is terrible. Data released by the city as part of the suit last week show that more than half the properties subject to foreclosure on a Wells Fargo loan from 2005 to 2008 now stand vacant. And 71 percent of those are in predominantly black neighborhoods.
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The N.A.A.C.P. has filed a class-action lawsuit charging systematic racial discrimination by more than a dozen banks, including Wells Fargo.
At the heart of such charges is reverse redlining, specifically marketing the most expensive and onerous loan products to black customers.
The New York Times, in a recent analysis of mortgage lending in New York City, found that black households making more than $68,000 a year were nearly five times as likely to hold high-interest subprime mortgages as whites of similar or even lower incomes. (The disparity was greater for Wells Fargo borrowers, as 2 percent of whites in that income group hold subprime loans and 16.1 percent of blacks.)
390 Years Minus 100 Days, Pt. 1
by TerranceDC
Thu Apr 30th, 2009 at 03:34:56 PM EST
It's been pointed out by many — including the president himself — how absurd it is to Obama's success in cleaning up messes that were decades in the making, based on his first 100 days in office. It's equally absurd to expect that 100 days in the administration of our first African American president to even begin to address 390 years of racial history in this country. But it's at least an opportunity to assess where we really are, where we're headed, and how far we've yet to go.
Racism and the social construct of race itself are much older than the United States, with deep roots European colonialism. But its beginnings in this continent can be traced back to August of 1619, when the first Africans in America — 20 or so, stolen from a Spanish ship — were traded for food by a ship's captain, upon arrival at the Jamestown colony, in Virginia. Categorized as "indentured servants," but without vital dates indicating the end of their bondage, some were almost certainly slaves. By 1640, as least one African was listed as a slave, and slavery was underway.
The space between here and there is covered by enough history books to fill entire libraries. Suffice it to say that the election of a person such as Barack Obama reflects much that has changed for the better since then. The spectacle of our first African-American president, though not a descendant of slaves himself, being sworn in on the Lincoln bible — held by his wife, who is a descendant of slaves — was a "pinch me" moment for many of us. Reality, on that day, took on a dreamlike quality.
As I watched the inauguration from home, sitting on the carpet in our family room, with our two sons, I look up at my bookshelf. There, pictures of my father and grandfather seemed be to looking down at the scene. I sensed a division in time was born at that moment. On one side was the America they'd known all their lives. On the other, my family and I — along with the everyone else — were carried along by history into an America forever changed by what was unfolding before our eyes.
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