Jun
08
2009
Wells Fargo now accused of racist loan policies
Posted by: in Mortgage Loan News, tags: City Of Baltimore, Corpo, Excerpt, Foreclosures, High Interest, Loan Officers, Loan Policies, New York Times, News Sources, Powerhouse, Taxes, Tens, Wachovia, Wells Fargo
News Sources wrote an interesting post today on
Here’s a quick excerpt
Wells Fargo, which devoured former Charlotte corpo-powerhouse Wachovia, is being sued by the city of Baltimore for racist loan policies that have, according to the city, caused hundreds of foreclosures and cost the area tens of millions of dollars in taxes and city services. According to the New York Times , a group of Wells Fargo loan officers say they were told to engage in “reverse redlining,” in which they systematically picked out blacks in Baltimore and its suburbs for high-interest sub
Here’s a quick excerpt
Wells Fargo, which devoured former Charlotte corpo-powerhouse Wachovia, is being sued by the city of Baltimore for racist loan policies that have, according to the city, caused hundreds of foreclosures and cost the area tens of millions of dollars in taxes and city services. According to the New York Times , a group of Wells Fargo loan officers say they were told to engage in “reverse redlining,” in which they systematically picked out blacks in Baltimore and its suburbs for high-interest sub
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