patrick.net

It's just another way to say they were engaged in predatory loan practices. Because they all thought the loans wouldn't be on their books when it all blew up, and they'd anyhow all be rolling in so much money by the time it did they wouldn't care.

leigh says

In addition, the former employees claim Wells Fargo drafted subprime marketing materials on the basis of race by using software to “translate” the materials into what the bank defined as the “language” of African American, and referred to subprime loans located in minority communities as “ghetto loans.”

Let's hope that the "language" of African American's includes the word, "lawsuit."

"If you b*tc*es don't have our money, you ain't go no more home to live at."
or
"If you b*tc*es don't have our money, we gonna put a cap in yo ass (foreclosure)."

We live in interesting times... even an illegal alien who walked over the border, gets caught by a US citizen and handed over to the border patrol can claim their human rights were violated by the US citizen and seeks $1M in damages.

The suit seeks damages under the Fair Housing Act, which prohibits discriminatory lending practices. Lawyers for the city and county claim 43.2% of Wells Fargo’s foreclosures are in the region’s minority neighborhoods, even though these neighborhoods account for 15.1% of Wells Fargo’s origination portfolio in the market. Foreclosures in the area’s white neighborhoods — where Wells Fargo originated 59.5% of its loans in the market — accounted for 21.5% of the bank’s total foreclosures in the market.

“Our holding this press conference announcement at the National Civil Rights Museum underscores our assertion that the predatory lending issue is one of basic fairness,” he added.

Wells Fargo be hella bootsy. They employees be smirkish. Peace out.

Wow. You'd make a lovely black bear, simcha.

In addition, the former employees claim Wells Fargo drafted subprime marketing materials on the basis of race by using software to “translate” the materials into what the bank defined as the “language” of African American, and referred to subprime loans located in minority communities as “ghetto loans.”

Oh, come on. What's wrong with that? Some groups of people use language differently. Is it wrong to tailor your marketing materials to them?

And, what, ghettos don't exist? Is somehow making the word "ghetto" bad to say make them go away?

If it was predatory lending, fine, I'm against that, but that second piece you quoted is completely irrelevant IMHO.

Nomograph says

MarkInSF says

And, what, ghettos don’t exist?

http://en.wikipedia.org/wiki/Venetian_Ghetto

Etymology is fascinating, but I think the Urban Dictionary is probably more in line with how Americans use the word.

http://www.urbandictionary.com/define.php?term=ghetto

1. (n.) an impoverished, neglected, or otherwise disadvantaged residential area of a city, usually troubled by a disproportionately large amount of crime
2. (adj.) urban; of or relating to (inner) city life
3. (adj.) poor; of or relating to the poor life
4. (adj.) jury-rigged, improvised, or home-made (usually with extremely cheap or sub-standard components), yet still deserving of an odd sense of respect from ghetto dwellers and non-ghetto dwellers alike

But yeah, I don't think I'd mind living in the original Venice ghetto. Property values tripled there from the mid 90's to 2008. Not holding up so well of late though. Must have been the CRA and Fannie Mae and the Democrats at work.

What a huge surprise.... Banks taking advantage of people who were more than willing to be taken advantage of.