Real Estate/Development,
Civil Litigation,
Banking
Mar. 22, 2022
Wells Fargo enaged in ‘modern-day redlining’, suit says
“Data released under the federal Home Mortgage Disclosure Act shows unequivocally that Wells Fargo rejects a disproportionate number of Black homeowners’ refinancing applications,” and 47% of Black homeowner credit requests are approved compared to a 71% for other financial institutions, the complaint alleges.
A proposed federal class action filed in the Northern District of California accuses Wells Fargo of discriminating against Black homeowners by denying them the lower interest rates available to borrowers for homes in neighborhoods that aren't predominantly Black -- a practice commonly known as redlining.
"The disproportionate number of Black applicants that were denied refinancing by Wells Fargo is staggering, especially when compared with ...
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