Philadelphia sues Wells for allegedly discriminating against minorities

Source: Jonnelle Marte, Washington Post (Paid Registration)

The complaint filed in a federal court in Pennsylvania alleges that Wells Fargo violated the Fair Housing Act of 1968 by “steering” minority borrowers into mortgages that were more expensive and riskier than those offered to white borrowers, according to court documents.

The lawsuit says that Wells Fargo is among the major banks with a “history of redlining” in Philadelphia, a practice traced back to the 1930s that involves denying credit to borrowers in certain communities because of their race or ethnicity.

Read Full Article: Philadelphia sues Wells for allegedly discriminating against minorities

 
 

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