Wells Fargo Targeted over Charges of Predatory Lending

[NVMojo]

I've always hated this greedy bank chain.

Dec 15 - Groups alleging that one of the nation’s wealthiest financial firms engages in discriminatory lending practices staged a picket at the company’s headquarters yesterday. The groups are in a long-running campaign to force the firm to admit to and provide compensation for what critics term "predatory" lending. The protest at Wells Fargo’s San Francisco offices garnered little media attention, but organizers considered it an important step toward wringing economic equity from the banking giant.

Yesterday’s demonstration was aimed at highlighting allegations that Wells Fargo routinely adds surprise charges to mortgages taken out by minorities, with many rates rising well above 10 percent. As of last week, the average mortgage rate in the nation’s largest cities hovered around 6.5 percent, according to the Associated Press.

Company shareholders and community activists reportedly joined the Association for Community Reform Now (ACORN) in picketing Wells Fargo’s headquarters, as did members of Responsible Wealth, a philanthropic group, and the Community Reinvestment Association of North Carolina (CRA-NC), an advocate for wealth equality. The latter two groups have been negotiating with Wells Fargo over reforming its lending practices for most of the year, leading to minor concessions on payment penalties and other issues.

more ...

http://newstandardnews.net/content/index.cfm/items/2679

[stepnw1f]

1. They Have Been Screwing Me for Two Years Now

I have nothing good to say about them.

[madrchsod]

2. our local paper was filled with

foreclosures from wells fargo. we were hit hard in some areas around here and the majority were in the 100 thousand dollars or less mortages-first time low income buyers who lost jobs do to factories moving out of the country...

"little pink houses for you and me"...ya right

[NVMojo]

4. yep, that's actually a familiar site across the US with that situation ...

[bluestateguy]

3. I don't have any loans with them

But I'll keep this in mind.

[ck4829]

5. And this happens right after Focus on the Family decides to...

leave Wells Fargo because of it's Pro-GLBT policies.