I am sure big banks such as Wells Fargo would be terribly offended by monthly mortgage payments coming in from black people. Oy, they wouldn’t want that?
Of course that is ridiculous. If banks can make money lending to minorities, they will lend to minorities.
CVN reports: The claim in Jones v. Wells Fargo was that Wells Fargo branches in Los Angeles selectively used software called “Loan Economics” to intentionally and systematically offer lower home mortgage loan rates to borrowers in non-minority neighborhoods than in predominantly minority neighborhoods because Wells Fargo believed that minority borrowers were less likely to shop for competitive rates.
In his closing argument for the plaintiff class, Barry Capello reviewed testimony indicating that Wells Fargo specifically discussed the fact that minorities were willing to pay more for home loans.