Daily Archives: July 16, 2012
A family is upset after they say a racist sign was put in their front yard to scare their biracial children. Denise Schenck found the sign Saturday morning outside her home on Thomas Lane in Childersburg.
“Oh I was devastated,” said Schenck, “It was such a racial thing. I was devastated. I had never seen anything like it. I didn’t even know what it meant.”
The sign had derogatory comments like “the brotherhood lives” and “do yourself a favor and go back to Africa.”
Schenck believes the sign was targeting her daughter, Christy Brackett, and Brackett’s bi-racial children. When Brackett saw the sign, she immediately called police.
Police arrested James “Frank” Trucks who lives two doors down from Schenck. He’s charged with harassment and menacing, but says he did not do it.
“I’m angry to say the least,” said Trucks.
When asked if he was wrongly accused of something he didn’t do Trucks said, “I most certainly do. I don’t feel I can pass gas in my own yard without somebody signing a warrant.”
Trucks also claims he is not a racist.
“I got friends of color. A racist ain’t gonna hang out with people he hates,” said Trucks.
But the Bracketts say Trucks is a racist and they’re disappointed racism still exists today.
“You walk about and think it’s 2012 things have changed yeah, some things have but not everything,” said Brackett, “They don’t realize how they’re hurting people. They have feelings and I don’t understand how you could hurt a child – these are kids they’re threatening.”
John Stumpf, president of Wells Fargo since 2005
Wells Fargo, the nation’s largest mortgage lender, cheated at least 34,000 minority homeowners during the 2004-2008 housing boom, either charging them more for their mortgages or steering them into risky loans. For these acts of discrimination the bank has agreed to pay a penalty of $175 million, while not admitting any wrongdoing.
Out of the $175 million settlement, the bank will pay $125 million to the black and Hispanic individuals who were victimized by Wells Fargo’s racist lending practices. The other $50 million will go towards direct down payment assistance to borrowers in communities that were hit hard by the housing crisis and disproportionately impacted by the bank’s discriminatory loans.
The U.S. Department of Justice said it went after Wells Fargo after finding it had conned black and Hispanic borrowers into paying more than white homeowners—“not based on borrower risk, but because of their race or national origin.”
Using a practice known as “steering,” Wells Fargo gave 4,000 African-Americans and Hispanics subprime mortgages even when they qualified for prime loans.
Mike Heid, president of Wells Fargo Home Mortgage, told The New York Times that the bank agreed to settle the case “because we believe it is in the best interest of our team members, customers, communities and investors to avoid a long and costly legal fight, and to instead devote our resources to continuing to contribute to the country’s housing recovery.”
The settlement awaits final approval by a federal judge.
The Wells Fargo case follows another involving Bank of America, which agreed late last year to pay $335 million to resolve similar charges against Countrywide, which it acquired in 2008.