Some are singing the blues because President Barack Obama decided to skip the convention.
The Senate is expected to vote on sweeping financial reform legislation this week.
It would have been awkward for Obama to talk about the need to change the way the financial sector does business at a convention whose lead sponsor is Wells Fargo.
The reckless practices of Wells Fargo and other bailed-out banksters triggered the financial crisis that drove the economy into a ditch.
Although Wells Fargo is being sued by several cities for targeting African Americans with subprime loans, the predator lender looms large over the convention.
While the NAACP stonewalls on the terms of its “partnership” with the predatory lender, the Associated Press reports Wells Fargo “will be at the convention talking to borrowers about modifying loan terms.”
If Wells Fargo’s record on loan modifications is any indication, it will be just that – talk.
Consider: An analysis by ProPublica found the federal government’s loan modification program, Making Home Affordable, is “still sputtering.” The $75 billion foreclosure prevention program is administered by the Treasury Department.
To date, only 23.8 percent of Wells Fargo’s borrowers have received a permanent loan modification. Nearly 50 percent have had their temporary modification canceled.
Reports vary as to the number of people at the convention. An indeterminable number are Wells Fargo borrowers.
How many NAACP convention-goers will have their loan modified after their talk with a housing counselor? Few, if any.
The “Financial Freedom Campaign Center” is little more than a fig leaf to cover up a partnership that benefits only certain people.
The NAACP is convening in the “Show Me” state, but it has yet to show the African American community how hooking up with Wells Fargo is in their interest.
