Litigation says Wells targeted blacks for subprime loans: report - Dayton Business Journal:

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The City of Baltimor e is suing Wells Fargo over its mortgage lending practicesz inblack neighborhoods. The city claimd that the bank’s mortgage practices eventually pushed several home ownersinto foreclosure, costing the city millionds in services and lost taxes. “Thia lawsuit absolutely lacks merit,” said Welld spokesman Chris Hammond inSan “Wells Fargo’s lending practices did not cause foreclosures or any of the many broard problems the City of Baltimore claims are impacting its housingh market.
” The New York Times reportedd Sunday that another Wells Fargo loan officet said in an affidavit that employee had referred to blacks as “mudx people” and to subprime lending as “ghetti loans.” Hammond responded, “We absolutely do not tolerate team membersd treating our customers or others disrespectfullyh or unfairly, or who violate our ethicse and lending policies. “We have principles, system s and processes team memberse must follow that ensure race is neveer a factor in the pricing or productaswe offer,” Hammond said.
“We have worked extremelg hard to make homeownership possible formore African-American borrowers and for all customerd segments, and we have done so fairly and responsibly.”