Wells Fargo Under Fire Again For ‘Discriminatory Modern Day ‘Redlining’ Practices,’ According To A New Lawsuit

It appears the banking giant is under fire yet again as a lawsuit was filed Friday, March 18, 2022, in San Francisco, CA as a proposed class action, Bloomberg News reports.

According to the lawsuit, Wells Fargo allegedly rejected lower interests rates through refinancing for Black homeowners and forced them to funnel more dollars toward loans.

“Federal data shows that over the last several years thousands of Black homeowners have been unable to maintain the dream of home ownership because of Wells Fargo’s ongoing and discriminatory modern day ‘redlining’ practices,” according to the complaint, Bloomberg reports.

Wells Fargo has not yet commented on the recent lawsuit.

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