Wells Fargo is being sued for discriminating against Black borrowers, says USA TODAY

From USA TODAY:

A class-action lawsuit against Wells Fargo Bank alleges accusations of discriminatory residential mortgage policies and lending practices against its Black customers.

The lawsuit filed April 14 in the Northern District of California states the bank approved more white borrowers for a mortgage loan compared to Black applicants in 2020 when the federal CARES Act created by the COVID-19 pandemic prompted historically low interest rates.

It also alleges that Black clients, including those with high credit scores, were given an average interest rate of 3.34% compared to 3.23% for white borrowers.

Plaintiffs are seeking $5 million in damages, the lawsuit states. They are being represented by Tallahassee attorney Ben Crump of Ben Crump Law and co-counsel Linda Friedman and Suzanne Bish of Stowell & Friedman in Chicago.

Continue reading Wells Fargo is being sued for discriminating against Black borrowers on USA TODAY

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