World/National Headlines | June 8, 2009 | “Stagecoach from hell,” Mexico, Lebanon, Peru


Riding “the stagecoach from hell” A former Wells Fargo loan officer details home lending practices that deliberately steered credit-worth black customers to subprime loans, reports the New York Times. According to Beth Jacobson’s affidavit:

“Wells Fargo mortgage had an emerging-markets unit that specifically targeted black churches, because it figured church leaders had a lot of influence and could convince congregants to take out subprime loans.”

Her affidavit is part of a lawsuit filed against several banks by the NAACP.

The New York Times, in a recent analysis of mortgage lending in New York City, found that black households making more than $68,000 a year were nearly five times as likely to hold high-interest subprime mortgages as whites of similar or even lower incomes. (The disparity was greater for Wells Fargo borrowers, as 2 percent of whites in that income group hold subprime loans and 16.1 percent of blacks.)

U.S. allies win Lebanon election BBC reports that the current governing coalition won a narrow parliamentary victory over Hezbollah-aligned parties.

Peru BBC reports that nine police officers kidnapped by indigenous protesters in northern Peru were killed in a governent rescue effort. Another 22 officers were freed, and seven remain missing. The kidnappings followed a massive protest Friday against gas and oil drilling on their ancestral lands. At least 22 indigenous protesters and nine police were killed in the protest at a jungle highway near the town of Bagua.

Mexico Reuters reports that 18 people were killed in a shootout between soldiers and the Beltrán Leyva drug cartel in the Mexican beach resort of Acapulco.

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