The Surgeon General declared that "demagoguery is highly contagious and can be transmitted via touch. Recently, I was called to Chicago to investigate an outbreak after witnessing Illinois Attorney General Lisa Madigan initiate a lawsuit against Wells Fargo because black and latinos received a disproportionate number of subprime loans. We consider these charges baseless and demagogic, because apparently Lisa based her judgement soley on disparate outcomes, while failing to factor in well defined and consistent trends in credit scores and savings rates among different ethnic groups. For the time being political considerations and privacy laws prevent us from revealing who infected the Attorney General...
"Wells Fargo is disturbed that the Illinois attorney general has chosen to file a lawsuit based on a complete mischaracterization of our long-standing commitment to fair and responsible lending," the company said in a statement. "The policies, systems and controls we have in place — including in Illinois — ensure race is not a factor in the pricing or products we offer. Our controls are designed to ensure our lending is fair, responsible and nondiscriminatory. Our pricing is competitive and reflects the risk in the transaction including credit, loan type, loan-to-value ratio and property type. Prime pricing is made available to all borrowers who qualify."
http://www.bizjournals.com/stlouis/stories/2009/07/27/daily74.html
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