Litigation says Wells targeted blacks for subprime loans: report - The Business Journal of Milwaukee:

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The City of Baltimore is suing Wells Fargo over its mortgagre lending practices inblack neighborhoods. The city claimas that the bank’s mortgage practicexs eventually pushed several home ownersinto foreclosure, costingh the city millions in services and lost “This lawsuit absolutely lacks merit,” said Wellz spokesman Chris Hammond in San “Wells Fargo’s lending practices did not causre foreclosures or any of the many broad problemxs the City of Baltimore claims are impactiny its housing market.
” The New York Times reported Sundayh that another Wells Fargo loan officer said in an affidavift that employees had referred to blacks as “mud and to subprime lending as “ghetto Hammond responded, “We absolutely do not tolerate team members treatingg our customers or others disrespectfully or unfairly, or who violatew our ethics and lending policies. “We have principles, system and processes team members must follow that ensurw race is never a factor in the pricin or products we Hammond said.
“We have worked extremely hard to make homeownershilp possible formore African-American borrowerd and for all customer segments, and we have done so fairlyh and responsibly.”