Tuesday, May 24, 2016

Select Mortgage Companies In America Such As First Guaranty Mortgage Corporation Are Asking Consumers Their Race In Loan Applications Then Using It To Discriminate In Denying Loans

The LinkedIn profile of First Guaranty Mortgage Corporation CEO, Andrew Peters. First Guaranty Mortgage is owned by Kenneth E. Clark.
First Guaranty Mortgage Corporation, a company based in Virginia, is engaging in discriminatory and financially abusive acts against minorities, the disabled and people living in America of foreign origin, who try to obtain a mortgage with their company to buy a home. It is an ongoing, illegal practice damaging innocent people. Companies that behave in this manner should be put out of business. 

Recently, the city of Miami sued Wells Fargo bank for discriminating against minorities and people living in America of foreign extraction, who tried to apply for home loans. A suspect Miami judge threw out the City Of Miami's valid case. However, a three judge appeals court in Washington, D.C. reinstated the case. You know judicial corruption has gotten terrible in America when a judge can corruptly throw out a case brought by the government.

In the appeals case City Of Miami vs. Wells Fargo & Co., (No. 14-14544 and D.C. Docket No. 1:13-cv-24508-WPD) the City of Miami prevailed as a panel of three district judges in Washington affirmed their complaint and remanded it back to the district court via a ruling that stated:

"The City’s charges were further amplified by the statements of several confidential witnesses who claimed that the Bank deliberately targeted black and Latino borrowers for predatory loans. For example, one former loan officer attested that Wells Fargo management steered low- and middle-income borrowers away from less expensive Community Reinvestment Act loans and toward more expensive Fair Housing Act and Freddie Mac loans. Id. at 36. Another claimed that the Bank targeted minority churches and their congregations for subprime loans. Id. at 37. A third claimed that Hispanic borrowers’ applications for refinancing were disproportionately denied: ‘a Rodriguez in the last name was treated differently than a Smith,’ he stated."

Let that sink in. There are mortgage companies in America, such as First Guaranty Mortgage Corporation and banks like Wells Fargo, who are discriminating against consumers in America based on them having ethnic sounding names such as "Rodriguez" or "Latisha" or "Mohammed" (black, Hispanic, Arab), hitting them with bigger loan fees and bad financial instruments, in bids at financially exploiting and abusing minorities and immigrants. That's terrible.

You know, the last lending institution who was caught doing that, Washington Mutual, is no more. The Judiciary Report ran a series of articles on Washington Mutual's criminal practices against minorities and within a couple years the company spectacularly collapsed, the remains bought for pennies on the dollar by Chase Bank (Washington Mutual Collapses Seized By Government and Washington Mutual Is No More). First Guaranty Mortgage Corporation needs to heed the warning, as that is what they are firmly headed for regarding their unlawful behavior. Said discriminatory, financially abusive practices costing minorities and immigrants money, homes and loans needs to stop.

There will be more on First Guaranty Mortgage Corporation in an upcoming Judiciary Report exposé.