Wells Fargo Denies NAACP Allegations

Posted by Orb Staff on March 16, 2009 No Comments
Categories : Residential Mortgage

Wells Fargo & Co. has issued a statement in response to allegations made by the National Association for the Advancement of Colored People (NAACP) that Wells Fargo pushed black borrowers into higher-cost loans.

The company denies the allegations and says it intends to ‘vigorously defend these unfounded allegations.’

‘We have never tolerated, and will never tolerate, discrimination in any way, shape or form in any of our business practices, products or services," the statement says. "We are proud of our lengthy record leading the industry in responsible lending practices and in support of the communities we serve, which makes the very thought of a discrimination claim reprehensible to us."

Wells Fargo says its loan terms and pricing are based on market factors and individual customer and loan circumstances.

"We have been working with the NAACP for the past two years to develop a partnership that would benefit the NAACP, its constituents and our communities, so we are dismayed that the NAACP has chosen to abandon that constructive dialogue in order to pursue this litigation," the statement says.

SOURCE: Wells Fargo

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