Wells Fargo is being charged with discrimination during historically low interest rates in 2019 as African-Americans sought refinancings.
Wells Fargo & Co. mortgage holder Aaron Braxton, an African American actor and teacher with a master’s degree from University of Southern California, wanted to refinance his mortgage during the historically low interest rates of 2019.
Braxton on Friday filed a class action discrimination lawsuit in federal court in the Northern District of California that charges Wells Fargo with violating the Equal Credit Opportunity Act, the Fair Housing Act of 1968 and California’s Unruh Civil Rights Act. Federal Magistrate Judge Kandis A. Westmore has been assigned the case.
“Our analysis shows that additional, legitimate, credit-related factors that are not available in Home Mortgage Disclosure Act data were responsible for the differences in our refinance approval rate for black homeowners,” the bank said. The lawyer for the plaintiff, Dennis S. Ellis, said the statistical difference between Wells Fargo’s approval rate and other banks is dramatic.
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