Former Wells Fargo loan officer Beth Jacobson in sworn testimony has described watching loan officers comb through heavily African American areas such as Baltimore and Prince George's County, Md., forging relationships with churches and community groups to sell their members shoddy mortgages, the Washington Post reported today. She says that she processed loans for homeowners with sterling credit ratings with higher interest rates than they needed to pay. And she says she pumped out millions of dollars in mortgages to people with no paperwork and low incomes, becoming Wells Fargo’s top-producing loan officer. Now, Jacobson has recast herself as a crusader for consumers in a battle that has pitted her against the system she once pushed.
