The consequence of lax regulation in the housing market
executives earned a commission seven times higher from subprime loans,
rather than prime mortgages. So they looked for less savvy borrowers —
those with less education, without previous mortgage experience, or
without fluent English — and nudged them toward subprime loans.
These less savvy borrowers were disproportionately blacks and Latinos,
he said, and they ended up paying a higher rate so that they were more
likely to lose their homes. Senior executives seemed aware of this
racial mismatch, he recalled, and frantically tried to cover it up."
Before any of you teabagging morons say it, Chase Home Finance Regional VP James Theckston is clearly NOT part of the vast "left wing conspiracy" you are dumb enough to believe exists.
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