A class-action lawsuit alleges that Wells Fargo discriminated against Black borrowers at all stages of the home loan process.
An IT professional with a sterling credit score and down payment money ready to go, Umeana said there was no explanation for why his home loan with Wells Fargo, where he’s banked for two decades, was never approved.
Attorneys behind the lawsuit gathered with clients Monday at the Mount Zion Second Baptist Church in Atlanta’s historic Old Fourth Ward.The lawsuit alleges Wells Fargo denies mortgages for Black borrowers more often, charges them higher interest rates, charges them higher costs and fees and offers them fewer re-financing options.
Williams said he’s long worked in finance himself, and he said the real estate loan Wells Fargo offered him came with a much higher rate than it should have and that he found elsewhere.
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