But we can know the circumstances they were working under.
In those circumstances, discrimination was profitable. Countrywide's employees were paid extra commissions to hand out more expensive mortgages. Brokers could earn fatter fees for convincing borrowers to take out an exotic subprime loan than for a plain-vanilla year-fixed mortgage.
And of course, the more borrowers paid in interest and fees, the more money Countrywide made. Everyone involved with the company, from the executives on down, had an interest in hawking the most expensive loans they could. And sadly, minorities were the go-to targets for that kind of predatory lending. For years, black and Hispanic families in America had minimal access to credit. As Ellen Schloemer of the Center for Responsible Lending explained to me, that meant many of them had scant familiarity with complicated financial transactions, such as taking out a mortgage.
During the housing bubble, their inexperience made them an easier mark for unscrupulous lenders, especially if they spoke little English. Greed fueled a system that created a pattern of racial bias. No, it's not as overt as old fashioned "redlining," where bank executives flatly refused to lend in black neighborhoods. But that doesn't minimize Countrywide's actions.
It makes them more insidious, because they're harder to detect. Countrywide Financial. We want to hear what you think about this article. Submit a letter to the editor or write to letters theatlantic. Skip to content.
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Jordan Weissmann is a former senior associate editor at The Atlantic. Plus it's a tower. Sort of Start up a slightly chossy seam that opens up for a cam placement or two. Gain the big ledge, get a few more cams in, and mantle the horizontal pillar sticking out of the base of the fin proper.
Deed Or Greed for Chrome
Place a nut take your nut tool to get all of the sand out of the crack , make a move or two, place the red Camalot down and to your right, then make a couple more moves to the top. Getting to the ledge is 5. Location The formation is to the south of Fear and Loathing, along the same ridge. The route starts on the west face at an obvious seam.
Protection I used. The 4 Camalot wasn't necessary but I had it with me and figured I'd place it. There's a sling and a quicklink around the top of the formation. I'd recommend taking a longer sling the one I used was tied out of a 9' piece of webbing so that it can go around some better rock a few inches lower Add New Photo Photo Photo copy. The route from the ledge, right before the mant….
Jacob Zuma’s ‘dastardly deed’ was motivated by greed, Barbara Hogan says
Here's the formation with the route marked. Comment Type:. A life outdoors is a life well lived.
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