MY TURN: Foreclosing on our future - Action News 5 - Memphis, Tennessee

WMC-TV 5 V.P. & General Manager Lee Meredith

MY TURN: Foreclosing on our future

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WMC-TV 5 V.P. & General Manager Lee Meredith WMC-TV 5 V.P. & General Manager Lee Meredith
MEMPHIS, TN -

You know, when the payday lenders and title loan sharks prey on people, it harms an entire family. The City of Memphis and Shelby County say that the predatory lending practices of Wells Fargo have harmed entire communities.

The city and the county this week beefed up their lawsuit against the banking giant with evidence that they say proves the bank was specifically targeting African Americans to take loans that put their homes at risk.

The home foreclosures have decimated some of our neighborhoods, adversely impacting other homeowners in these neighborhoods who never fell for risky lending schemes. The evidence revealed by the local governments this week includes information that the Wells Fargo targeted African Americans by identifying people who had purchased furniture and jewelry in African-American neighborhoods.

If you're keeping score, Wells Fargo did take bailout money from the Federal government, and last month the company CEO was paid a bonus of $21 million dollars. I'm hoping some judge thinks we deserve that money more.

That's my turn. Now it's your turn. To comment on this segment or anything else, email yourturn@wmctv.com  or call 800-465-1210.

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