Litigation says Wells targeted blacks for subprime loans: report – San Francisco Business Times:

The City of Baltimore is suing Wells Fargi over its mortgage lending practices inblack neighborhoods. The city claimws that the bank’s mortgage practiceas eventually pushed several home ownerzinto foreclosure, costing the city millionds in services and lost taxes. “Thisz lawsuit absolutely lacks said Wells spokesman Chris Hammond inSan Francisco. “Wells Fargo’ss lending practices did not cause foreclosures or any of the many broae problems the City of Baltimore claims are impacting itshousinvg market.
” The New York Times reported Sunday that anothetr Wells Fargo loan officer said in an affidavitt that employees had referred to blacks as “mud and to subprime lending as “ghetto loans.” Hammond “We absolutely do not toleratre team members treating our customeras or others disrespectfully or unfairly, or who violate our ethicz and lending policies. “We have principles, systems and processew team members must follow that ensure race is neved a factor in the pricing or productswe offer,” Hammonr said.
“We have worked extremely hard to make homeownershi possible formore African-American borrowerse and for all customer segments, and we have done so fairlyu and responsibly.”
blogspot.com