Wells Fargo is denying claims of discriminatory lending practices in new federal case filings, alleging some plaintiffs in one of the suits lack standing because they never sought the refinances in question with the bank.
https://www.nationalmortgagenews.com/news/wells-fargo-says-discrimination-suit-plaintiffs-lack-standing
I briefly worked mortgages in 2018 (now in wholesale). The racism was in your face and not even subtle, and I was there less than a year. If you didn't see it in your entire 9 years there, I think that says more about you.
@zhk, why? What could possibly be the motive for that?
@zhk I worked in mortgage from 2012 till 2021 from origination to refis to mods to bk/fc to tax etc. Never saw any such thing. In a different area now. Every time i am pulled into a complaint, it’s that they didn’t qualify, they didn’t complete the process, etc
You really think we are going to give up money because we're racist?
@wvw I work on the mortgage side. You're absolutely wrong, and we're still doing a lot of this shady, racist BS to this day.
Gibmedats wanting free money.
If there is no paper work, then it's because the idi-ts in Mortgage lost it as they did with mine. Where this is smoke, there is Wells Fargo.
I can tell you with 100% certainty that these allegations are with out merit and are a joke really. These lawyers never tell you even half of story. If they were racist they would have never given you a loan in 1st place number 1. secondly I know for a fact that these files were rejected for same reasons any other race refinance is rejected. They refuse to provide logical and very easily accessible paper work to prove home improvements, repairs from insurance work, proof of residency, being occupied. extc. It is like going to dmv and calling them a racist b/c they would not give a new license b/c you didnt bring all the proper documentation that is clearly laid out for every person of every race.
The plaintiffs do lack standing. Race isn't a question on a mortgage app.
The sheer conspiracy involved with excluding blacks from getting mortgages is laughable.
Think of how many people would have to be involved, and how none of them could speak a word of it, even after leaving WF.
And all because WF wants to make LESS money on mortgages?! (Denied app = less revenue)
Unfortunately, our society is full of people that have been conditioned to think that the rest of the world is against them, and that White people have no life difficulties, etc.
Wells Fargo is a slimy, corrupt org from the top down.