May 15, 2017 / 5:00 PM / 2 months ago

Philadelphia sues Wells Fargo over lending practices

1 Min Read

May 15 (Reuters) - The City of Philadelphia on Monday sued Wells Fargo & Co, accusing the largest U.S. mortgage lender of intentionally steering minority borrowers into higher-cost home loans than it offered white borrowers.

In a complaint filed in Philadelphia federal court, Philadelphia faulted Wells Fargo's "long history" of "redlining" in Philadelphia, and said the bank's practices reflected a "total breakdown of appropriate internal controls" similar to its recent creation over unauthorized customer accounts.

The lawsuit accused Wells Fargo of violating the federal Fair Housing Act, and seeks a variety of damages. Wells Fargo was not immediately available for comment. (Reporting by Jonathan Stempel in New York)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below