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Tom Goyda

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Wells Fargo Under Fire Again For 'Discriminatory Modern Day 'Redlining' Practices,' According To A New Lawsuit

Wells Fargo will be facing a lawsuit for alleged discriminatory practices. As AfroTech previously reported, Bloomberg revealed various Black applicants hoping to refinance their homes were denied at an alarming rate in comparison to white homebuyers. Already, U.S. Senate Banking Committee Chair Sherrod Brown, an Ohio Democrat, and other Democratic senators are keeping their eyes on Wells Fargo following Bloomberg’s recent report. As a collective, they are calling for regulators to look into Well Fargo’s refinancing practices during the pandemic. “Black applicants are further subjected to delays, feigned mistakes, and other obstacles, leading many Black Americans to withdraw their requests for refinancing, and leading others to wait indefinitely while Wells Fargo refuses to act upon their applications,” the complaint read, according to Bloomberg. Wells Fargo issued a statement exclusively to AfroTech following the Bloomberg News report. “We remain focused on pursuing our $185 billion...

Mar 22, 2022