Wells Fargo Accused of Racial Discrimination in Mortgage Lending

A class action discrimination lawsuit has been filed against Wells Fargo in the Northern District of California for allegedly approving more white mortgage loan applicants than Black borrowers in 2020. The lawsuit also alleges that Black applicants were offered higher interest rates than white individuals, regardless of having a high credit score. These practices are akin to “redlining,” an outlawed practice that puts services (financial and otherwise) out of reach of residents for certain areas based on race or ethnicity. It was previously reported that only 47% of Black home loan refinancing applicants were approved by Wells Fargo in 2020, compared to 72% of white applicants.

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