Wells Fargo Loses Racial Discrimination Lawsuit

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.

About Luke Ford

Raised a Seventh-Day Adventist at Avondale College in Australia, Luke Ford moved to California in 1977. He graduated from Placer High School in 1984, reported the news at KAHI/KHYL radio for three years, attended Sierra College and UCLA, was largely bedridden by Chronic Fatigue Syndrome for six years, and converted to Judaism in 1993. From 1997-2007, Luke made his living from blogging. Living by Beverly Hills (Alexander90210.com), he now teaches the Alexander Technique (moving the way the body likes to move). Lessons cost $100 each and last about 45 minutes. In 2011, Luke completed a three-year teaching course at the Alexander Training Institute of Los Angeles. His personal Alexander Technique website is Alexander90210.com. Luke is the author of five books, including: » The Producers: Profiles in Frustration » Yesterday’s News Tomorrow: Inside American Jewish Journalism
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