Young Turks: Chase Pushed Minorities Into Subprime Loans - Former Banker

[CherylK]

Run time: 06:05 https://www.youtube.com/watch?v=ZtbB2RI90hA   Posted on YouTube: December 03, 2011 By YouTube Member: TheYoungTurks Views on YouTube: 4966   Posted on DU: December 03, 2011 By DU Member: CherylK Views on DU: 1176

 
A former Chase banker spoke with The New York Times' Nick Kristof about how Chase pushed subprime loans to minorities for big commissions. The Young Turks host Cenk Uygur breaks it down.

http://thinkprogress.org/economy/2011/12/01/379332/former-banker-subprime-pushed/

Subscribe to The Young Turks: http://bit.ly/eWuu5i

[tsuki]

1. Not only minorities, but Mom & Pop shops also. I had a home town

bank that I had done business with for years and years and years. I had a five star credit rating according to my supplies. Stupid me, who had done business with a home town bank for years and years and years, assumed home town bank wanted to grow home town business to grow home town economy. After three years of payment increases, without a rate increase, I shopped the mortgage. I found out that I had a subprime loan. I refinanced my 7% ARM loan that the ARM had never increased to a 7.65% fixed loan for the same amount of time for a 400 dollar savings.

I never had a "Philadelphia" lawyer look over the first loan, by one looked over the second loan.

[burrowowl]

2. Kick and kick and Kick!

[burrowowl]

3. Hey People you not only have to recommend BUT

you have to REPLY to have the thread go up in the LIST!

[AZ Progressive]

4. I can't believe how right wingers have gotten away with blaming the subprime crisis on minorities

There needs to be more debunking and mythbusting from democrats and progressives. This is great proof, but one should be able to argue something like this sooner than now.