Daily Archives: December 18, 2017

Wells Fargo Fights Oakland’s Lending Lawsuit

SAN FRANCISCO (CN) — Wells Fargo on Thursday asked a federal judge to reject Oakland’s lawsuit claiming the bank’s racist lending practices cost the city millions in lost tax revenue.

“If a borrower got a bad loan, did they default because of that or because they lost their job?” Wells Fargo attorney Paul Hancock, of K and L Gates in Miami, asked during the Thursday hearing.

Oakland sued Wells Fargo in 2015, claiming the bank steered minority homebuyers into predatory loans that caused hundreds of foreclosures, lost tax revenue, and extra city spending to tackle blight and abandoned homes.

Read on.