Tavis Smiley Cuts Bank Ties Over Racism Claims

[evanovitch]

Tavis Smiley Cuts Bank Ties Over Racism Claims
Date: Monday, September 21, 2009, 4:46 am
By: EURweb.com


Tavis Smiley has severed all ties to Wells Fargo in the wake of criticism that <span style="font-weight: bold">the bank targeted African-American borrowers for subprime mortgages by using trusted black speakers to woo victims to a series of day-long &quot;Wealth Building&quot; seminars in black neighborhoods.</span>

Eight cities across the country hosted such gatherings, which were promoted heavily in black media and featured such prominent African-Americans as Smiley, host of his own PBS talk show, as well as Kelvin Boston, the host of multicultural financial affairs show &quot;Moneywise.&quot;

In the seminars, Smiley praised Wells Fargo and encouraged attendees to seriously consider real estate investments, according to Mary Kane writing for the Web site Washington Independent, a project of the Center for Independent Media. In seminars held after Hurricane Katrina, Smiley also emphasized the importance of building assets and wealth, saying those who had had done so were able to leave New Orleans, while those with nothing had to stay behind, Kane wrote.

Wells Fargo was also a sponsor of Smiley's radio show on Public Radio International, and underwrote the annual CSPAN-televised &quot;State of the Black Union&quot; conference that Smiley organizes.

The column &quot;Journal-Isms&quot; is reporting that Smiley, on Friday, announced that his relationship with Wells Fargo Bank and Wells Fargo Home Mortgage Inc has ended.

&quot;I cut everything off with Wells Fargo,&quot; he declared. He said the move cost &quot;a lot of money&quot;; he said he did not know how much.

&quot;I was never a spokesman for Wells Fargo,&quot; Smiley said. &quot;I hate payday loans. My role in these seminars was about financial literacy and wealth building.&quot;

A lawsuit brought against Wells Fargo by Illinois Attorney General Lisa Madigan alleges, the bank's &quot;wealth building&quot; seminars were a part of its overall illegal and discriminatory practice of steering black and Hispanic borrowers into riskier and more expensive loans, the suit said.

Smiley said his relationship with Wells Fargo was a &quot;package deal.&quot; In return for the company helping to finance his radio show, he went on the road for Wells Fargo. He said he owns his own radio and television show and while it frees him from network control, it also requires him to come up with his own financing.

[evanovitch]

Re: Tavis Smiley Cuts Bank Ties Over Racism Claims

is a while now mi a seh dat dem need fi look at even di black churches role in dis..nuff parson got money to steer dem congregants into dese loans....one broker even admitted dat she paid $350 per congregant to a parson in one city...

[Dr.Dudd]

Re: Tavis Smiley Cuts Bank Ties Over Racism Claims

I will wager that the person did not know that it was crooked loans,and i will further wager that even the person get squeezed in it by taking out second mortgage on almost paid up property and lose it to.

You can't just blame people because they take an opportunity without even knowing that it was rotten.
when these sort of things go down we cant just blame the fool at the bottom like if they did not do it some other black fool wouldn't have. It is always the little black man fault.
That is what they are in this society for. To take the blame for every thing that went wrong. I am willing to forgive the small fry and go after the big fish.
If you set net for big fish you have to make sure that small fry can get out safely, or else, it will be so full of small fry,that you won't be able to pull it up. cause it will pull the beat down under, and you will lose all.
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: evanovich</div><div class="ubbcode-body">is a while now mi a seh dat dem need fi look at even di black churches role in dis..nuff parson got money to steer dem congregants into dese loans....one broker even admitted dat she paid $350 per congregant to a parson in one city... </div></div>

[evanovitch]

Re: Tavis Smiley Cuts Bank Ties Over Racism Claims

dont tawk crap Doc...if u know seh u mekking 20 dolla a month an a man offah u a loan whe it seh pon di papers dat u mekking 50 dolla a mont n u sign u name to di lie juss fi get di loan, how is dat not mekking u di smaddy not pawt n parcel of di deception....even if u parson seh u fi sign it, u need fi memba seh him not tekking money from di collection fi help u out ..u a tek bus while him a change him cyar yearly

bending ovah bakwuds fi gi chupid people a bly (wich is wat u doing now)is as chupid as dem walking into loans dem know dem cudden afford while hoping dat manna wud fall to pay said loans...

[Dr.Dudd]

Re: Tavis Smiley Cuts Bank Ties Over Racism Claims


Ther are waysbthat many people qualify for loans without incomes. If you are buying a multifamily, the income fromit is usually enough to secure the loan.
If you are buying a FHA or VA property, it never need qualification since the government want th eproperty off theor hands.

you think the criminals was goinmg to tell each and every fool thgat they are doing criminal acts? well oif you think so, you are prime target as an asessory to thes type of crime.
This is big businesses,they plan it oiut and they set it up to the popint that even when everything is goimng down the frontmen are still in the process of doing the dirty work. You know how many people work for spy agencies and believe that they are working for genuine organizations?
It is called informed jst enough to do your part. You don't know the system.
you jsut get a job and do it.
I knew a few young people who wenty and do mortgage licenses only to be caught up in it.
Theh are now unemployed after they leave theri regular jobs.
They still don't understand what happen. They still asking me how it work.s<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: evanovitch</div><div class="ubbcode-body">dont tawk crap Doc...if u know seh u mekking 20 dolla a month an a man offah u a loan whe it seh pon di papers dat u mekking 50 dolla a mont n u sign u name to di lie juss fi get di loan, how is dat not mekking u di smaddy not pawt n parcel of di deception....even if u parson seh u fi sign it, u need fi memba seh him not tekking money from di collection fi help u out ..u a tek bus while him a change him cyar yearly

bending ovah bakwuds fi gi chupid people a bly (wich is wat u doing now)is as chupid as dem walking into loans dem know dem cudden afford while hoping dat manna wud fall to pay said loans... </div></div>

[evanovitch]

Re: Tavis Smiley Cuts Bank Ties Over Racism Claims

Doc, it still comes down to individual responsibility..y sign off on a loan that has wrong info re u? we already establish dat di bank was cheating but u di individual is weh di buck stops...is not di bank gwine to lose dem house n downpayment

[Dr.Dudd]

Re: Tavis Smiley Cuts Bank Ties Over Racism Claims

You ever thought that many of th people never read what they sign. And in many cases the criminals use one document to sign and after that the present another document with forged signature?.
You know how many people complain that they did not put any inflated salaries on the form?
The broker promise them that as long as they are paying their rent they should be able to pay the mortgage.

They did not realize that it was a balloon that in a few years will reset to 4 time what they are paying.

What you talking about? You seem to be encouraging the crooks.

I had a co-worker that after he ask me advise I warned him against the prices the properties are selling for.
He took his 401k and use it to buy 6 properties.

He was going to Europe, Africa and vacationing all over the place.

Aftwer about 3 years he lost everything include his home that I help him with the deposit to but long before this program He still owe me money, but have nothing .
he even lose his pretty Mercedes.
..and he lost his wife.
Lost his job and everything. He taught that I was advising him to keep him poor.
He think it was one of those who don;t like others to catch up to my way of life. well he see who is hos friend now.
Did I tell you that he trusted these people,
and thought they were looking out for him??
What confidence tricksters!!<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: evanovich</div><div class="ubbcode-body">Doc, it comes down to individual responsibility..y sign off on a loan that has wrong info re u? we already establish dat di bank was cheating but u di individual is weh di buck stops...is not di bank gwine to lose dem house n down payment </div></div>

[evanovitch]

Re: Tavis Smiley Cuts Bank Ties Over Racism Claims

so wen u sign, u not given a copy of wat u sign...so if dem change it, u can prove dat

is not a matter of excusing the banks...dem already culpable but di individual haffi tek some responsibility too...even if u parson tell u dat u fi buy a 15bdrm house, u muss know seh u cannot afford one....

blk people have a history of being cheated so dem should have used dat history to be wary of too good to be true offers....even if is one of u own a try sell it to u

[Blackstar*]

Re: Tavis Smiley Cuts Bank Ties Over Racism Claims

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: evanovitch</div><div class="ubbcode-body"><span style="font-style: italic">is not a matter of excusing the banks...dem already culpable but di individual haffi tek some responsibility too...even if u parson tell u dat u fi buy a 15bdrm house, u muss know seh u cannot afford one....</span> </div></div>With no disrespect to the banks' victims, I think your over-estimating people's comprehension levels. Many, many black Americans never have a bank account their entire lives. I can imagine they relied upon and trusted bank personnel to explain the paperwork and just scribble their name where they were told to.

I personally have met people who can only read very simple text; give them a one page document and it's like they complete lose any literacy they may have.

So it's easy to see how poor, undereducated people who are told by their betters (the pastor and white people at the bank) that they can realize the American Dream would be taken in.

[St_Bess]

Re: Tavis Smiley Cuts Bank Ties Over Racism Claims

The loan application process is long and tedious. You may have to sign over 20 pages of legal documents that even people with degrees cannot comprehend and at the closing you sign your name for over 1 hour. For both process most home buyers depend on the loan officer and your lawyer to explain things. If these professionals are 'crooked' and let me tell you lawyers were involved in these bad loans too then 'dawg eat you(the average person's) supper'.

[MsExced]

Re: Tavis Smiley Cuts Bank Ties Over Racism Claims

I think there are two sets of groups

1. know you cant afford mortage but still go ahead

2. the poor people them never understand all these twist and
turn of words and just sign where pointed to.

[St_Bess]

Re: Tavis Smiley Cuts Bank Ties Over Racism Claims

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Ms Exced</div><div class="ubbcode-body">I think there are two sets of groups

1<span style="font-weight: bold">. know you cant afford mortage but still go ahead</span>
2. the poor people them never understand all these twist and
turn of words and just sign where pointed to. </div></div>

True to No. 2 but these people convinced even the most savvy consumers that they will be able to afford these mortgages. If I recall sometime ago Yuri had a thread about a NY Times reporter (I think he was affiliated with this paper) and his wife got caught up in this scam and were about to lose their house in WASHDC and to top it all he was a critic of these subprime mortgages and wrote many articles about it.

[kia027]

Re: Tavis Smiley Cuts Bank Ties Over Racism Claims

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: St_Bess</div><div class="ubbcode-body">The loan application process is long and tedious. You may have to sign over 20 pages of legal documents that even people with degrees cannot comprehend and at the closing you sign your name for over 1 hour. For both process most home buyers depend on the loan officer and your lawyer to explain things. If these professionals are 'crooked' and let me tell you lawyers were involved in these bad loans too then 'dawg eat you(the average person's) supper'. </div></div>

but if memory serves me correctly, the papers are sent in advance of the closing so you can review them. If not, then take the time to read them before you sign ! You are responsible for what is on the paper so no matter how long it takes read it.

[kia027]

Re: Tavis Smiley Cuts Bank Ties Over Racism Claims

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: St_Bess</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Ms Exced</div><div class="ubbcode-body">I think there are two sets of groups

1<span style="font-weight: bold">. know you cant afford mortage but still go ahead</span>
2. the poor people them never understand all these twist and
turn of words and just sign where pointed to. </div></div>

True to No. 2 but these people convinced even the most savvy consumers that they will be able to afford these mortgages. If I recall sometime ago Yuri had a thread about a NY Times reporter (I think he was affiliated with this paper) and his wife got caught up in this scam and were about to lose their house in WASHDC and to top it all he was a critic of these subprime mortgages and wrote many articles about it.
</div></div>


He was clearly a member of group #1 because he wrote he went along against his better judgement

[evanovitch]

Re: Tavis Smiley Cuts Bank Ties Over Racism Claims

black people have been shut out of things in this country fi hundreds of years n it did not mek dem stupid unda jim crow...dat in itself is reason for them not to tek any promises dat sound tooo good, at face value....especially wen it comes to committing dem hardddd earned money....

i again say that churches n odda blacks who used their positions of leadership,to bilk so many should be held responsible in the said way dese banks r being held responsible

greed is why so many bought into these scams...peace of mind should have told u dat u cannot work at McDonalds at minimum wage n suddenly find dat u qualify for a house in a zip code dat the property tax alone is more dan u annual salary

n if we r a people who can tell u di statue dt u crime gwine to cost, eg, 5 to ten etc, dat shows a cognizance of legalities


u can lead a horse to water but the decision to swallow is his n his alone...if di horse smell sulphur in di water, he automatically shies away n u haffi manhangle him fi try get him fi sip n even den, him naw give in

this was one area of personal responsibility that individuls across the board, fell down within the black community....an if we gwine to stop similar happenings, we haffi reslise dat we haffi tek personal responsibility in our decisions in many a facet of our lives....

we doing wat we abhorred in oddas fi generations....twisting the means fi justify the ends n den justifying the ends by any means possible...