NAACP dropping lawsuit against Wells Fargo

by Associated Press

Published: April 9,2010

Tags: banking and finance, mortgage, racial discrimination, real estate

NEW YORK — The NAACP is ending its lawsuit against Wells Fargo that alleged the bank was forcing blacks into subprime mortgages while whites with identical qualifications got lower rates.

The lawsuit, filed over a year ago, is among more than a dozen the National Association for the Advancement of Colored People has filed since 2007 against large financial institutions.

As part of an agreement, San Francisco-based Wells Fargo will allow the NAACP to review its lending practices. The NAACP did not seek monetary damages in its suit, but said it sought to change behavior in the mortgage-lending industry.

The NAACP remains in litigation with 14 other financial institutions, including JPMorgan Chase & Co., Citibank Inc. and HSBC Holdings PLC over allegations of unfair lending practices and lending discrimination.

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3 Responses to “NAACP dropping lawsuit against Wells Fargo”

  1. NAACP dropping lawsuit against Wells Fargo Says:

    [...] Read more on Mississippi Business Journal [...]

  2. Tony Butler Says:

    Wells Fargo took advantage of African Americans in subprime-mortgage loans. Even the Black people that had good credit were taken advantage of and given bad mortgage loans from Wells Fargo store. Now Wells Fargo has become a Bank after stealing the Wachovia Bank. Now that this has happen Wachovia Bank is no longer anygood. Wells Fargo… is no good for doing any business with black people. I can prove what I’m saying. Last year about this time Wells Fargo loan me $10,000.00 I paid it all back to them within 8 months. They sent me a letter after I paid them off and told me in the letter to cut up both of my credit cards and that they will no longer do any more business with me Why? Because they could not use me or make money off of me. If you already have a loan with them you need to close it out and move your loan with another good bank. The law suit has been removed because Wells Fargo promise the NAACP that they would no longer give out bad loans to African Americans and stop looking at zip codes in certain areas to target them with these type of bad subprime loans causing them to lose their homes along with high interest rates and hidden fee’s that you can not see and taking advantage of what people don’t know because they can. People like this are nothing but stone crooks and it’s a shame before God that they have to make laws to make them do right. And they know if you don’t want black people to know anything about it, put it in a book.

  3. gary Says:

    Doing business as a white is not all that great either.. a few whites have been taken advantage of too. .As soon as I can I am getting out of wells fargo.. I am going to look at my credit union or a one or two branch bank… Phooey on the Wells fargo or Bank of Americas ,,,,

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