Black Money Business Jobs : Philadelphia sues Wells Fargo for discriminating against African Americans; bank denies allegations

Liberty

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Philadelphia sues Wells Fargo for discriminating against African Americans; bank denies allegations

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Philadelphia has filed a federal lawsuit accusing Wells Fargo & Co. of overcharging more than 1,000 black and Latino homebuyers for loans to buy homes in the city since 2004.



Citing six confidential informants who formerly worked for the bank, the city says Wells Fargo knew or should have known that those borrowers could not handle these loans at those terms.

The suit, filed in U.S. District Court, says unnecessarily expensive loans drove minority borrowers toward foreclosures that cost the city unpaid taxes, drove down property values, and violated the federal Fair Housing Act.

Read more

http://www.philly.com/philly/blogs/...cans-savett-berger-montague-fair-housing.html
 
Philadelphia sues Wells Fargo for discriminating against African Americans; bank denies allegations

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Philadelphia has filed a federal lawsuit accusing Wells Fargo & Co. of overcharging more than 1,000 black and Latino homebuyers for loans to buy homes in the city since 2004.



Citing six confidential informants who formerly worked for the bank, the city says Wells Fargo knew or should have known that those borrowers could not handle these loans at those terms.

The suit, filed in U.S. District Court, says unnecessarily expensive loans drove minority borrowers toward foreclosures that cost the city unpaid taxes, drove down property values, and violated the federal Fair Housing Act.

Read more

http://www.philly.com/philly/blogs/...cans-savett-berger-montague-fair-housing.html

I used to bank with them, but now I don't. I am not fortunate enough to be a home owner, but due to what I feel was very racist situation, I stopped banking with them. They are good at pitting Blacks against Blacks and etc.
 

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