Class-Action Suit Against Wells Fargo for Discriminatory Lending Practices
MnIndy runs a report on how Wells Fargo hates poor, brown, and poor brown people but loves their money.
[A] former loan officer for Wells Fargo testified in one affidavit that employees regularly referred to minority borrowers as “mud people” and called subprime mortgages “ghetto loans.”
In the latest development, a Superior Court Judge in Los Angeles recently certified a 2005 lending discrimination lawsuit against Wells Fargo as a class action case. The suit contends that area managers at the bank refused access in some minority neighborhoods to a software program that allowed for discounted prices on mortgage loans….
According to [attorney Barry] Cappello, Wells Fargo introduced a program in 2002 called “Loan Economics,” which gave loan officers the authority to offer discounts to loan applicants. The savings on lower fees and interest rates could be significant, ranging from $500 to as much as $10,000 per loan. The suit claims that the Los Angeles area Wells Fargo manager refused to allow loan officers operating in certain minority neighborhoods to offer the program. Borrowers in predominantly white neighborhoods were given access to the software.
Cappello said the suit stemmed from complaints by black and Hispanic loan officers for Wells Fargo, who said they asked to use the software in their branches but upper management refused.
I recently participated in a focus group sponsored by Wells Fargo on their marketing to the LGBT community. They asked a lot of questions about what influenced my perception of Wells Fargo. I told them that my perception is basically that it might be a great (i.e., gay-friendly) place to work, but otherwise everything I know of them is that they’re a terrible place to bank. Yup.
we did business with wells fargo for 12years, and could not get a lower intrest rate on our loan, when rates were going down every where else. i was told they could give me a better rate if i refianced my loan for 30years again: note we only had 18years left. our fica score is 825-810. so whats up with this? doesn’t sound fair to me@!