Wednesday, April 25, 2012

INLAND: Blacks especially hit by foreclosure crisis
Yvonne Choyce-Oglesby lost her Riverside home to foreclosure and is now living in a mobile home in Jurupa Valley with a friend. New census stats show how the Inland area's forceclosure crisis has especially affected African Americans, whose homeownership rates tumbled. Hispanic rates also fell; white rates were unchanged and Asian rates actually rose.
BY DAVID OLSON The Press Enterprise
Published: 18 April 2012 09:01 PM

Wells Fargo Bank CRA/HUD Complaint
After going on-line and reading the following information:
 TARP Recipients Required to Modify Loans, HUD Says (Update3 ...   Similar to TARP Recipients Required to Modify Loans, HUD Says (Update3 ...    Apr 9, 2009 ... Banks receiving federal aid through the U.S. Troubled Asset Relief Program must also take part in the government's mortgage modification ...
I contacted Wells Fargo Bank to request a mortgage modification on my home.  This process began 2/2012.
I was told that I was elgible to apply due to my having been injured the past 3 years and not able to go back to work at this time.
After filing out and filing 100’s of pages of documents requested by the bank, meeting with bank officials from the OFFICE of the PRESIDENT of Wells Fargo Home Preservation at a local bank on March 28, 2012, I am now being told that I do not qualify because my debt ratio is above 31%.
Wells Fargo called 4/23/12, denied my home modification, stating our income debt ratio exceeded 31%. That doesn’t make sense to me when it is and should be obvious that this would be the case if you were not receiving income for a valid reason and a period of time causing your debt ratio to be in a deficit state.
I intend to fight these greedy bastards until I and this family receives justice. We are going to make a payment 5/1/12 to avoid foreclosure but will still be asking for an adjustment on our mortgage payments. It appears to me that this TARP modification is another scam that the government and the banks have cooked up to deceive the public. I intend to take my case to Washington DC if necessary.
Now if the program is to address those unemployed or suffering from injuries, one would think that the reason for the modification would be to lower the interest rate and payments in order that you can save your home.
I had advised the bank that I would be able to pay off bills created by excessive medical expenses from a settlement I expect this month.  Upon receiving such settlement I would be able to pay off debts and bring my income debt ratio within the 31% margin.
If my position does not meet the requirements of TARP then I would like to know the purpose of this program.

Hardship Letter of Explanation
Due to an injury on the job, refusal of workman comp, lost of job and medical expenses from various automobile accidents, I have fallen behind in my mortgage payments. I am asking for modification of my loan because I do want to keep my home.
A degree of our financial hardship was created by the high interest loan we received from Wells Fargo in 2011.  I feel that the interest charged on this loan borders on a predatory loan.  We found it necessary to refinance the 2009 Toyota Corolla to catch keep abreast of our obligations, including our home mortgage.  We at the time of refinancing asked that the interest rate be reduced, instead they were increased.  Recently we asked that the bank allow us to sell the car at retail value, and the loan department refused.  I was told by the owner of a large dealership that the bank was in violation of lending regulations by refinancing the auto in excess of 125% of appraised value of the vehicle. After our 2nd vehicle was totaled in an accident September 2011, we were unable to trade the 2009 Corolla, because at that time it was appraised at $7,500.00 in good condition, with the balance owed $14,500.00.  The past 2 years we have paid Wells Fargo in excess of $5,000.00, see attached auto loan statement. We purchased a 2012 Nissan Altama several months’ later @.03% interest.
We have asked and are asking that Wells Fargo reduce the principle and interest on this loan to help improve our financial position.                                                                                                                            HOW WE WILL BE ABLE TO MEET OUR OBLIGATIONS IN THE FUTURE:
ACCIDENT ATTORNEYS, P.L.C.   A PROFESSIONAL CORPORATION   ATTORNEYS AT LAW        4700 Teller Avenue, Second Floor Newport Beach, CA 92660 Telephone (949) 660-8753
Fax (949) 660-8720
Mr. Ellis, The Defendant Insurance Company, Alliance United Insurance Company, as tendered its global limits of $30,000.00. There are five claimants including yourself and Ella, therefore we have to wait until the other three claimants are finished treating before the insurance company can pay anyone out. Once we resolve this with Alliance, your Underinsured motorists will kick in. We should have this wrapped up in 60 days.  Thanks Mike Prater, AAA Accident Attorney (an e-mail received 3/27/2012)
The amount Mr. Prater advised that I would receive from this portion of the injury settlement would be at least $15,000.00 to me and an unknown amount to Ella who was injured to a lesser degree than myself in an accident 9/14/2011.
These monies will allow us to reduce our debt ratio by paying off the therapeutic equipment we had to purchase due to the accident and injuries.
After receiving these funds we will be in a condition to reach our financial obligations, our home mortgage in particular.

Thanks for your considerations,
Walter L. / Ella M. Ellis  /
951 471-8686 Hm           951 452-9160 cell     951 956-0087 cell

Walter L. Ellis________________________                  

 Ella M. Ellis________________________

I had also asked Wells Fargo auto division to modify my auto loan, especially the interest rate of 18.99% on several occasions.  They refuse to do so.  ( total interest on this account for 2011 was $3,105.02)
These high exuberant interest rates have contributed to some of my financial problems.  I have attempted for the past 2 years to have the bank rectify the interest on the auto loan, and they refuse.
I was advised by the owner of a large dealership when I attempted to trade the auto that Wells Fargo under lending rules were not allowed to refinance an auto for more than 125% of appraised value.  Wells Fargo refinanced the vehicle at approximately 2 times the appraised value, and charged me 18.99% interest.  In the same time period with my FICA credit rating being above 650 I and my wife leased a 2012 Nissan with monthly payments of $290.00 month verses the $390.00 a month on the 2009 Toyota financed by Wells Fargo Bank, what I consider a predatory loan.

My name is Walter L. Ellis CEO UNITED AFFIRMATIVE ACTION DEVELOPMENT CORP, (UAAD) a 501c3 non profit. I and my family recently purchased a home in Lake Elsinore, CA through a First Time Buyers program sponsored by Riverside Housing Authority. At the time of pursuing this purchase we were attempting to contact your CRA department which we were told that your Bank had and have in place a Since purchasing this home I have been injured on my job since January 2009, with limited income to care for my family. We have also recently been interviewed by a Wells Fargo Forbearance Councilor, Estela Galiado at your long Beach, CA facility, 562 498-6551. She is being very informative, and advises that we should be hearing from their department in 45-60 days. Meanwhile due to my injuries and not being able to return to work any time soon, we are short in excess of $600.00 to make our obligations to make our home loan to your bank, and an automobile payment also financed by your bank.
multi Billion dollar agreement with Non-Profits to assist families such as ours.
Had we been able to participate in the CRA program by your bank, we would not be in the financial condition we are suffering today.
Programs presented by your bank and others that was to address the plight of low income that is mandated in COMMUNITY RE-INVESTMENT ACT OF 1977, CRA if in acted properly would have prevented the mortgage crisis,  where your bank and others were and are lending monies as CRA funds to investors and others that was never meant for them to receive at prime or below prime rates.
As the CEO of UAAD I request a meeting with your CRA representative at the Lake Elsinore, CA branch to discuss a CRA loan, and to have that representative to produce these branches CRA activities the past 2 years and post such so the public can view.
I will contact this local bank tomorrow asking for assistance and cooperation, see:
The mission of UAAD is to improve the financial status of low and moderate-income individuals. UAAD is dedicated to building a long-term relationship with financial institutions providing low interest loans and other benefits to these communities. UAAD's efforts will also assist banks in meeting their CRA obligations. The aim of UAAD is to assist our members in advancing financially, mentally and socially. UAAD's targeted clients have too long been under-represented and denied equal opportunities to participate in our economy.
htip://vvww.federalreservegovleventepublicmeeting/19980813/pane116.htm www.justiceforblacks.blogspot.corn

I ask that you reconsider my request for modification of my home and auto loan.

Walter L. Ellis CEO
29245 Sandpiper Dr.
Lake Elsinore, CA  92530
951-471-8686 HM
951 452-9160 Cell


Thursday, September 28, 2006

"Banking While Black"
This article appeared in USA Today; this is an edited version"Banking while Black " hurts homeowners African-Americans and Hispanic consumers face a double whammy. First, they are less likely than whites to own their homes. According to the Survey of Consumer Finance, 47% of African-Americans and Hispanics are homeowners, compared with 74% of whites. But even when African-Americans and Hispanics own their homes, they face lending discrimination when they refinance. This week, the National Community Reinvestment Coalition (NCRC) released a report on credit discrimination with troubling findings. Consumers living in areas with more minority residents are more likely to have mortgages with interest rates higher than "prevailing and competitive" rates. Some get these sub-prime because they have poor credit. But far too frequently, the problem is lending discrimination. Often, African-Americans, Hispanics and in some cases, elderly buyers who qualify for market-rate loans are steered to high-cost loans. This is especially true when they live in heavily black or elderly areas.In response to racial profiling on highways, some activists coined the term "driving while black". NCRC president John Taylor does them one better when he notes that "banking while black or elderly means that most are most likely to get gouged by high interest rates and fees." NCRC says the broken credit system can be fixed if the Federal Reserve Bank increases its oversight on anti-discrimination and fair lending laws, and if existing laws are better enforced. Because incomes were fairly stagnant in 2002, much of Americans' consumer spending has been financed by credit cards and home-equity credit. Too many African-Americans and seniors who are helping to keep the economy afloat are paying extraordinarily high fees to do so. That 's a lump of coal in a Christmas stocking, an injustice that needs to be rectified.Commentary by Julianne Malveaux
UAAD’s purpose and aim is to negotiate an agreement with Chase Bank to make available low interest loans that can primarily be negotiated under CRA circumstances for low income, moderate income individuals that will include African Americans. It is our opinion that this act and a good faith effort on the part of Chase Bank will supplement the necessary financial support needed by the flood and hurricane victims. UAAD’s purpose is to ask Chase Bank to honor our negotiation in order that a process can be developed immediately to assist our members (to include those who are suffering from Katrina) in low interest loans and fulfill the banks CRA obligations at the same timeIn addition to fulfilling the banks CRA requirements, our program is a win situation for the bank and the community it serves (see our web site). UAAD’s proposal consist of community based loan programs micro-managed by UAAD to assist and help provide consultation in order that these low interest loans will be paid back to the participating bank. These community based loans instituted under CRA guidelines have been successful in the past. It allows the bank to fulfill its CRA obligations, and meets the prudent loaning practice required by the FDIC. UAAD would like to meet as soon as possible with the proper official in order to present our proposal.
And Finally !JP Morgan/Chase/Bank One should be indicted and face criminal charges,possibly in violation of the RICO Act for red-lining, and discrimination againstAfrican Americans, in Louisiana in particular.

Sunday, June 11, 2006

CRA/OCC COMPLAINT: JPMorganChase Bank (case#617-354)

Ms. Jee, Mr. Lewis OCC Officials please see that this and all complaints are entered in Chase Bank Branches nation wide for Public View under 12CFR43.25, complaint #617-354 of the CRA regulation.
We are also awaiting a determination from your office on JPMorganChase Banks authority to cease UAAD officials from entering and inspecting their public files for complaints under 12CFR43.25 of the CRA regulations
Mr. Mark Willis VP Community Partnership JPMorganChase Bank please enter this and all complaints in Chase Bank Branches nation wide for Public View under 12CFR43.25, complaint #617-354 of the CRA regulation.
We are also awaiting a determination from your office on JPMorganChase Banks authority to cease UAAD officials from entering and inspecting their public files for complaints under 12CFR43.25 of the CRA regulations
Walter L. Ellis, CEO UAAD June 9, 2006

June 6, 2006
Attorney Nancy Langworthy
U.S Department of Justice
Civil Rights Division
950 Pennsylvania Ave, N.W.
Washington, D.C. 20530

Ms. Langworthy,
Thanks for speaking to me on June 5, 2006 regarding the complaint (s) I was expressing relating to JPMorganChase Bank being in violation of CRA/OCC regulations, and possibly Fraud due to Reparation commitments in the state of Louisiana. I expressed to you the necessity to rectify these problems. Earlier in our conversation you stated you would review my concerns, contact the Assistant Attorney General and get back in touch this date. On the return call you stated you had explained my concerns to the Attorney General and his determination was that your department had no jurisdiction regarding my complaints, and you had no one that you could refer me to resolve the matter. See: /
Walter L. Ellis, CEO UAAD 866 276-2294

MEMO RE: Conversation with Ms. Carol Klim (OCC)

This date spoke to Ms. Klim June 8, 2006 who stated she had a supervisory position with the OCC and was calling on behalf of Mr. David Lewis who was out of the office.
I explained to Ms. Klim my concern regarding Mr. Lewis, Ms. Jee, and Ms. Gilstrap to put in writing what I am being told on the telephone regarding JPMorganChase Bank refusal to allow inspection of their public files, and possibly not placing complaints in such files as required. I also expressed that in addition to the public files complaint, UAAD a 501c3 non profit was acting on behalf of African Americans and the NAACP in Louisiana in an apparent
fraudulent scheme where JPMorganChase Bank promised $5M dollars for a scholarship fund. See:

In a meeting April 4, 2006 with JPMorganChase Bank officials, that was chaired by Mr. David Lewis of the OCC, there was a promise that this commitment would be resolved.

Ms. Klim stated she would discuss my concerns with Mr. Lewis, and she would get back in touch next week.
Walter L. Ellis, CEO UAAD

Senator David Vitter
2800 Veterans Blvd.
Metairie, LA 70002
ATTN: Brent Tippen
Dear Sir,
OCC assist Chase Bank in discriminating against African Americans
OCC failed to take complaints in a manner beneficial to African Americans
OCC’s failure to enforce 12CFR43.25 (see:
OCC attempted to eliminate community organizations that do not agree with bank’s fraudulent schemes. OCC conspires with Bank (see: click on Feds collaborate link)
Bank Fraud – other complaints
Bank Fraud – UAAD – Maxwell, Bank One USA Visa, Chase, JPMorgan
Operation Push – Liberty Bank
Bank of America – ACORN A$350 billion
Enforce CRA as civil rights legislation
$42 Trillion available toward poverty
70 Billion plus available Katrina Recovery, LA
CRA agreements when needed and proper organizations to implement
Treat CRA as reparation
Assertion that banks commit funds to low-moderate income, especially in LA, many being African Americans
Utilize HBUCs to train CRA banking procedures
Insist that JPMorganChase and other banks work with community organizations to implement CRA programs and cease and desist from pitting these organizations against each other for fraudulent reasons.

Comptroller of the Currency
Administer of National Banks
Ms. Delora Jee, Deputy Comptroller
250 E. SW
Washington, DC 20219
Re: Complaint # 617-354

Ms. Jee,
My name is Walter Ellis CEO of United Affirmative Action Development Corp (UAAD) a 501c3 non profit, negotiating a CRA agreement with JPMorganChase Bank. On 02/27/06 I spoke to you by phone from Congressman Conley’s office. The question was regarding JPmorganChase Bank’s adherence to 12CFR43.25 regarding disclosure of branches public files. You stated that though they do not have to provide their two year CRA activities as a small bank is required, they are required to have available in each branch any and all complaints filed. These complaints must be made available to 501c3 organizations, and the public. The OCC supervisor Ms. Sharon Gilstrap advised me on several occasions that such complaints should be made available to organizations and the public.

On April 4, 2006 I met with JPMorganChase Bank officials and Mr. David Lewis the Community Affairs Officer for the OCC whose region covers Louisiana. Mr. Lewis assured me that such complaints would be made available. I later received a letter from JPMorganChase Bank that I could not enter “any” JPMorganChase Bank branch, due to my complaints.

On May 04, 2006 I spoke to Mr. David Lewis regarding this complaint. Mr. Lewis stated that the bank could not bar me from entering their branches. Mr. Lewis stated also that he would investigate my complaint and would get back in touch with me the first of the week. It is now May 13, 2006 and Mr. Lewis has not returned my call.

This date I received a letter Debra Baker OCC Service Manager, (attached). This letter appeared to be a smoke screen on the part of your agency that intentionally would not address the issue of the banks responsibility of posting complaints in their public file as you and Ms. Gilstrap stated they were required.

The reason for this smoke screen on behalf of your agency in my opinion is two-fold:
Your agency does not want to investigate JPMorganChase Bank because you state it is a conflict of interest on your part.

If your statement on 2/2706 is a true statement that complaints be in the public files, and Ms. Gilstrap stating on several occasions that this is the case, than it is apparent that the letter I received this date from Ms. Baker is a smoke screen created by your agency, see: , and click on “Federal Agencies and Banks Collaborate”,

Ms. Jee I would like a reply from your office as soon as possible. If my complaint is legit, it is another example of why when African Americans complain, they need to hire an attorney according to Ms. Baker, and when Caucasians complain Federal Agencies investigate and prosecute.
Walter L. Ellis, CEO UAAD
866 276-2294

April 4, 2006
This a memorandum of a meeting held today at Chase Bank in Ruston, LA with Chase Bank officials and Mr. David Lewis of the Office of the Comptroller of the Currency (OCC). You would have to hear a recording of this gathering to believe how a group of adults could attempt to con another intelligent human being.
Others present had their own personal agenda including Mr. Lewis of the OCC, who was more interested in protecting the interest of the bank and neglecting all interest of those Chase Bank and the OCC should protect.
Some others who were invited to express and seek assistance for UAAD’s goals apparently had their own interest at heart and presented a hindrance rather than assistance.
The purpose of this meeting was to ask me, Walter Ellis the CEO of UAAD, A 504c3 non-profit to end my complaints against Chase Bank and the OCC in order that an agreement could be negotiated to help UAAD’s associates. This meeting this date was a dismal failure. It is my intent to pursue my complaint asking Congress to hold a hearing regarding CRA and to also file a complaint with the Justice Department asking the DOJ to take action against both JP Morgan Chase Bank and OCC officials. I also ask that all past complaints be put in the public files including Ms. Sanders asking Kasandra Brown, a reporter from the Ruston Leader newspaper, Mr. Monroe Quigbly and myself to leave the premises after first offering office space and later denying same.
I ask that Mr. Lewis’ supervisor contact me and others present in order to make an official complaint against Mr. Lewis.
We also ask also these complaints be answered by e-mail or in writing in a timely manner. Our urgency is that until and unless someone take drastic action against JP Morgan Chase Bank who refuses to allocate monies promised for their involvement in the slave trades and refusing to disclose why they can commit what should be reparation (CRA) commitments to African Americans as they do so to Caucasians as indicated in their Community Partnership proposals. UAAD has asked Bank One and now Chase Bank for the past ten years to treat African Americans as they do others. The inequality of present day treatment is little different than the treatment this and other banks treated my dad who was born into slavery. See:
Walter L. Ellis, CEO UAAD 866 276-2294 June 11, 2006

March 15, 2006
Mr. David Lewis, Community Affairs Officer
Office of the Comptroller of the Currencey
500 N. Akard St., Suite 1600
Dallas, TX 75201

Dear Sir,
Pursuant to previous unofficial complaints UAAD has made against Bank One and Mr. Mizell Scott’s failure to respond, we ask that your office make this complaint official.
A recent complaint #617-354 was filed at the Houston, Texas office of the OCC.

Bank One / JPMorganChase Bank fail to allow UAAD and others to view their public files as required under 12CFR25.43.

Bank One’s failure to honor previous agreements entered into with UAAD.

Bank One’s failure to provide loan applications to minorities.

Bank One’s failure to disclose CRA activities.

Bank One’s failure to recognize African Americans as CRA recipients.

Bank One’s failure to provide financial assistance through their CRA activities, or Community Partnership arrangements to African Americans.

Bank One JPMorganChase’s failure to include African American Community Organizations in their Community Partnership programs in a manner beneficial to the African American Community.

JPMorganChase Bank’s promise to pay $5 million dollars in reparation payment to descendants of slaves remains unfulfilled.

Mr. Lewis I ask your immediate attention to this complaint and provide me in writing how your office can assist.

Walter Ellis, CEO of UAAD

UAAD’s CRA Complaint
JPMorganChase Bank
UAAD asks the U.S. Justice Department to accept and investigate this complaint immediately. JPMorganChase Bank through false advertisement and discriminatory practices has withheld trillions of dollars that were allocated to Caucasians since 1977 that should have gone to African Americans. In 2004 JPMorganChase Bank committed $800 billion dollars to their Community Partnership Program. Since 2004 in excess of $69 billion have been spent, mostly contributions and loans to Caucasians. See:
JPMorganChase Bank in 2004 apologized for their involvement in the slave trade and promised to provide a mere $ 5 million dollars for what they called “smart start of Louisiana”. This was their contribution. The information regarding how to seek these scholarship funds were hidden in Chase’s web pages. The only university that appeared to be aware of such funds was LSU, a predominately white institution in Louisiana, with HBUC’s having no awareness of such funds until the offer expired, March 1, 2006.
JPMorganChase Bank has held back funds that should have benefited the Katrina victims and African Americans where they serve or should serve. JPMorganChase Bank should be penalized not only for their involvement in the slave trade, but also for the following: see:

I. Past and present red-lining in violation of the CRA Act of 1977

II. Massive discrimination pertaining to African Americans, in loans and contributions as required by CRA.

III. False advertisement, plagiarizing and other possibly criminal acts.

IV. Failure to provide education funding to GSU, a HBUC as promised in 1996.

JPMorganChase Bank’s compliance of the CRA Act will allow billions and billions of dollars to provide assistance to hurricane victims throughout the Gulf region and the U.S. Chase’s compliance will provide funds that will reduce the deficit, using funds that should have been contributed to reparation and other banks discriminatory practices.

I. Failure to commit funds to African Americans in proportion to Caucasians under the Civil rights legislation the Community Re-investment Act of 1977 (CRA). See:

III. Failure to negotiate in good faith CRA agreements that will benefit African Americans.

IV. Failure to pay reparation as promised to African Americans. and the link: JPMorganChase Bank smart start of Louisiana

V. Failure to comply with 12CFR25.43 regulation regarding public files disclosures.

VI. Falsifying commitments to institutions and organizations.

VII. Possibly criminal violations under the RICO Act.

VIII. Failure to fund loans and grants to African Americans.

IX. Failure to give loan applications to African Americans.

X. Failure of CRA representatives to represent African Americans.

XI. Plagiarizing United Affirmative Action Development Corp’s (UAAD) submitted proposals and using same to benefit Caucasians and penalizing African Americans.

Complaint regarding the Office of the Comptroller of the Currency (OCC) and their lack of enforcing CRA regulations.

I. Ms. Delores Jee, Deputy Comptroller of OCC who stated it would be a conflict of interest for her to discuss any complaints regarding JPMorganChase Bank due to her being the supervisor overseeing Chase Bank.

II. Conflicting information from Ms. Jee regarding complaint procedures.

III. Mr. David Lewis, who states he is the Community Affairs Officer, appears to take a similar position as Ms. Jee who consistently refuses to take complaints against JPMorganChase Bank, creating considerable problems for UAAD.

IV. Variable threats by Mr. Lewis, advising UAAD not to file a complaint.

V. Delays and unfair mediation meetings between Chase Bank officials and UAAD representatives arranged by Mr. David Lewis.

UAAD ASK THAT THIS AND ALL COMPLAINTS BE ENTERED IN JPMorganCase Bank’s “PUBLIC FILES”, and that the Public, to include AFRICAN AMERICANS can review such files.

UAAD ASK THAT THIS AND ALL COMPLAINTS BE ENTERED IN JPMorganCase Bank’s “PUBLIC FILES”, and that the Public, to include AFRICAN AMERICANS can review such files.
Upon you receiving this e-mail I request that you give me an immediate reply to the complaint. In addition I ask that this and all complaints be posted in “all” JPMorganChase Bank’s public file wherever they operate as regulated under 12CFR43.25.
Thanks for an immediate response.
Walter L. Ellis, CEO / UAAD 866 276-2294 June 9, 2006

Tuesday, May 30, 2006

Banks & Federal Agencies Discriminate Against Blacks

Who is concerned when African Americans Human/Civil Rights are violated??
While African Americans are dying in Afghanistan, Iraq, and the Ghettos of America, Human Rights are continually violated by this Government
FEMA is one example of how government agencies treat African Americans different from Caucasians. When ENRON executives committed numerous crimes against their work force of whom the majority is Caucasian, the Justice Department immediately filed charges. When white females rights are violated in the work place EEOC will enforce the regulations. When African Americans file EEOC complaints little is done by this agency. When individuals file complaints against Halliburton or its subsidiaries, private attorneys have to be obtained. When companies fail to abide by civil rights legislation and laws, government agencies normally fail to act to protect the interest of African Americans. Since slavery ended and our nations banks have been regulated by the FDIC and OCC banks have violated the rights of African Americans. Not only do the federal agencies ignore these violations, they at times conspire with the violators. See: /

Monday, May 29, 2006

Storm illustrates differences in how minorities, whites are treated by banks

Minorities in Banking
Katrina brings financial disparities into focus
WASHINGTON - Hurricane Katrina has brought into focus the financial plight of many blacks along the Gulf Coast as well as illustrating the differences in how minorities and whites use and are treated by banks. Around the country, many low-income minorities shun banks, have never used an ATM machine or applied for a home mortgage. Often, they turn to storefront payday lenders, which charge high interest. At all income levels, blacks are far more likely to be given high-cost, “sub prime” mortgages than whites, according to a Federal Reserve analysis of home lending data. See: In a related development, two key Republican lawmakers announced they had drafted a legislative change that would require some of the profits of mortgage giants Fannie Mae and Freddie Mac to go to financing housing for low-income people in areas hit by Katrina as well as in those where survivors now live. The proposal by Reps. Michael Oxley, R-Ohio, and Richard Baker, R-La., was being included in legislation before the House to tighten government oversight of the two companies, which together finance more than three-quarters of the home mortgages in the country. Hillary Shelton Director of the Washington bureau for the NAACP, said the civil rights group also is concerned about predatory lenders who “must be circling some of the worst-hit areas, salivating at the potential for abuse” of Katrina’s victims. Predatory lending occurs, for example, when lenders pressure homeowners into high-interest loans to refinance mortgages, home equity loans or home repair loans that the borrowers may not be able to repay. The loans, while legal, have drawn widespread criticism. Like the Federal Reserve report, studies in recent years have shown that a much larger share of black and Hispanic homeowners pays higher interest on their mortgages than do whites in similar circumstances. The studies have found that disproportionate numbers of blacks and Hispanics have sub prime mortgages, which are high-interest loans to homeowners deemed riskier because of tarnished credit histories or other factors. Such home loans are said to be concentrated in minority communities at far higher levels than in white neighborhoods. See: The Fed report released Tuesday reviewed home lending data for 2004. It found that about 32 percent of blacks and 20 percent of Hispanics got high-interest loans, compared with 9 percent of non-Hispanic whites. After adjusting for differences in income and location of homes, it found that blacks are nearly twice as likely as whites to get more expensive mortgages.

Tuesday, April 18, 2006

In 1996 This is what Premier Bank and later Bank One said they would do at GSU and the City of Grambling, LA

First USA Partnership
A Letter from First USA Partners 8/99
I would like to thank you for providing First USA Bank with the
opportunity to bid on the affinity credit card business for UEDC.
We are currently looking at groups with a membership or 20,000.
Unfortunately your current membership of 2,500 does not
meet the bank's present size requirements; therefore
I must respectfully decline at this time.
I wish you success with your organization and will be happy
to reevaluate the opportunity as your membership grows.

Suzanne M. Devoe, Vice President Research


On April 4, 2006, Chase Bank officials and Mr. David Lewis of the OCC, met with UAAD in Ruston, LA. Mr. Ruben Ramos stated he would put UAAD in touch with JPMorganChase Bank’s Affinity Credit Card Division within 24 hours, to discuss an Affinity Credit Card Agreement.

Wednesday, April 12, 2006

Chase Bank apologizes for "SLAVE TRADE", promise "REPARATION", then fail to pay

Why JP Morgan/Chase/Bank One should be indicted and face criminal charges, possibly in violation of the RICO Act for red-lining, and discrimination against African Americans, in Louisiana in particular. See the following website and blogs: / UNITED Affirmative Action Development Corp (UAAD) / United Equity Development Corporation a for profit would appreciate your support in our complaint. SEE:

177. "REPARATION", "Smart Start",according to Chase Bank are the same

JPMorganChase Bank in 2004 apologized for their involvement in the slave trade and promised to provide a mere $ 5 million dollars for what they called “smart start of Louisiana”. This was their contribution. The information regarding how to seek these scholarship funds were hidden in Chase’s web pages. The only university that appeared to be aware of such funds was LSU, a predominately white institution in Louisiana, with HBUC’s having no awareness of such funds until the offer expired, March 1, 2006. JPMorganChase Bank has held back funds that should have benefited the Katrina victims and African Americans where they serve or should serve. JPMorganChase Bank should be penalized not only for their involvement in the slave trade, but also for the following: see:

Scores (14) 92% AGREE