A Wells Fargo spokesperson says the bank does not approve of a Harlem Shake video shot inside an Atlanta branch that has gone viral on the internet. More than 140,000 people have viewed the video on YouTube. It features a man in a ski mask dancing in the lobby of a Buckhead Wells Fargo branch. [...]
Major Banks Profit From Payday Loans; African-Americans More Likely to Borrow
February 24, 2013 | Posted by
As many states crack down on so-called “payday” loans, a new report reveals that major banks like JP Morgan Chase, Bank of America and Wells Fargo are behind-the-scenes partners in the practice of giving short-term loans to consumers with interest rates as high as 500 percent. The lenders who issue the payday loans are trying [...]
ACLU To Sue Morgan Stanley For Subprime Loans That Unfairly Targeted African-Americans
October 15, 2012 | Posted by
The American Civil Liberties Union is accusing financial services giant Morgan Stanley of fueling the production of risky, expensive loans that targeted African-American borrowers. In the lawsuit, expected to be filed on Monday, the A.C.L.U. claims that Morgan Stanley is culpable for predatory loans made through the New Century Financial Corporation because the investment bank [...]
Government Sues Wells Fargo For Decade Of Reckless Home Loans
October 10, 2012 | Posted by
The U.S. government is suing Wells Fargo over claims that the bank made reckless home mortgage loans for a decade. In a lawsuit filed Tuesday in Manhattan’s Southern District of New York, the government accused Wells Fargo of “reckless underwriting” and fraudulently approving thousands of home loans that caused large-scale losses for the government. The [...]
Wells Fargo Agrees to Pay $175 Mil for Charging Blacks Higher Rates
July 12, 2012 | Posted by
WASHINGTON — Wells Fargo, the nation’s largest home mortgage lender, has agreed to pay at least $175 million to settle accusations that its independent brokers discriminated against black and Hispanic borrowers during the housing boom, the Justice Department announced on Thursday. If approved by a federal judge, it would be the second-largest residential fair-lending settlement [...]
Wells Fargo Accused of Targeting Blacks with Bad Loans
June 14, 2012 | Posted by
In the years since the collapse of the housing market, allegations of racial impropriety by America’s largest banks continue to surface. The latest claims come from Beth Jacobson, a former Wells Fargo loan officer who alleges that the company influenced black borrowers into overly expensive subprime loans at the peak of the housing bubble. As [...]
Blacks In Memphis Get Pennies From Wells Fargo To End Predatory Lending Suit
May 30, 2012 | Posted by
Wells Fargo & Co has promised $432.5 million in lending and other payments to end a lawsuit accusing the bank of discriminatory lending practices in Memphis, Tennessee. The fourth-largest bank by assets has set a five-year lending goal in Memphis and surrounding Shelby County of $425 million, including $125 million for home purchases for low [...]
