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the former chase banker his name is james specs than any softening to the
new york times reporter nick christoph
and he told them how chase would uh... systematically target minorities in this
country
to make sure that they got higher paying loans which basically then robs them of
money even if they qualify for regular lows will be called prime loans
because they want to make a bigger commission in fact
elect christoph explain as he talks to his
uh... christoph explaining facts of quote
one memory for chile troubles that sent this is a sonic at executives earned a
commission
seven times higher for sub-prime loans rather than prime mortgages so they look
for last seven or
oris does not let says it isn't
without previous mortgage experience
or without influence english
and nudge them towards sub-prime loans
so you understand what's happening there
uh... there's igate seven times the commission from the riskier loans so
they have all the instead of the world to make sure there are more moral
riskier loans
now that may seven mockery of the republicans issued button
government in barney frank and freddie mac and fannie mae made these bankers
give out the risk your loans the minorities
no nagel also my doors because they were making seven times more from that
a lot of those minorities actually qualified for better loans one of the
given the riskier ones
because they were going to keep the risk your lives there which is given to
someone else anyway and they may seven times a commission
he goes on a sweat again quoting chris on the new york times
these last seven or
hours were disproportionately blacks latinos he said
end up paying a higher rate so they were more likely to lose their homes series
again seemed aware of this racial mismatch he recalled and frantically
trying to cover dot
now that gives you two different things
they like you know what we know the minorities are easier to trick sometimes
because of disproportionate lack of education
socioeconomic status
at sunrise of latinos they're not fluent in english great easier to trick them
to give them the risk your loans where they have to pay more money every single
month and we make a higher commission but we know we're doing it
so we're gonna try to cover it up
now let's go to a direct quote from sex and himself as the former banker he says
the big ways of the corporations knew this
but they figured we're gonna make
billions out of it so who cares the government's going to bail us out and
the problem loans will be out of here
maybe even overseas
so as i said to you and with this went on the show many times after they made
the most people like chase
wrap them up instead of two other companies
sometimes overseas the german investors japanese investors russians et cetera
and sometimes they didn't shop about more ease up a fannie mae and freddie
mac
i left it on the north side of the american taxpayer they like
so the more star primoz we can make the batter so let's go try to find some
people we can rock
okay so they do that and of course they wind up
uh... with results like this so who received a high price loans
sixteen percent a white borrowers now that's outrageous but when you look at
the rest
thirty three percent of respect for hours and
fifty percent of black for
so although i doubt we had a minority right let's take more money from that
by giving them last year lows which by the way is also more likely to blow up
on that hahaha and that was covered up
well i companies the saving hooding wells fargo you know what they used to
call those loans
using they didn't know what they were doing
let's look at it
what the result of this was when u look at it and i heard
the biggest who run the minorities
after the crash
that's seven point seven holly in dollars in loans
from the fat
they'll get another seven hundred billion dollars of course from far
and in the end
they can't make out like bandits again it's a lot more as the extra money for
doing a robbery
you wonder why people are angry
and uh...
what was a result for uh...
latinos et-cetera and then minorities
well twenty five percent of looking at african-americans
lost their homes
the foreclosure or seriously delinquent
well compared to only twelve percent of white borrowers
so it twice the rate where you will see you lost your own sat april you the
magazine is still all this
money off it really is they got as like etc stand there for you
or even been present no model elizabeth address all of the strike so he put
together a program that would help you with your mortgages how much
did that program get it
well so far only two point six billion dollars of that money
has been spent
so if you are the ones who got robbed you've got two point six billion dollars
in aggregate if you are a lot writing
whereas the magazine rather you've got the seven point seven trillion dollars
that's what people are mad about
hey you know what and then
you people wonder why cornel west would have a smiley get upset of the president
we've you know our president is black i know people remember right
now i don't want any special privileges for blacks or latinos are not black or
latino why would i posed by the bread which is weapon for idle even equality
for everybody but
look at least a black president should be able to empathize
with things like this but instead he went along with the bush administration
than what they were doing indeed everything on the robbers
along with ken barris treasures sector of course you came up with a slow
concoction under both administrations
and then give dando crumbs off the table
minorities who arrived in the first place
so when do you know cornel west or or travis smiley says whether what was the
flight
what what something great thing about a black president
that is a very fair point
what are you telling where's our help
but what i said well i mean the ninety nine percent
well was it not rob