Wells Fargo Racial Disparity Case Heads to Class Action Decision [BNN Bloomberg (Canada)]
Federal National Mortgage Association (FNMA)
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Source: BNN Bloomberg
The bank, which was long the biggest US mortgage lender until a recent pullback under Chief Executive Officer Charlie Scharf, has asked a federal judge in California to deny the motion the plaintiffs filed earlier this year. The case consolidates a number of lawsuits brought before and after Bloomberg News reported in 2022 that Wells Fargo rejected a majority of Black homeowners who applied to refinance mortgages in 2020, the only big bank to deny more Black applicants than it accepted. At the heart of the case is a dispute over a credit-scoring algorithm that plaintiffs say disparately impacted minority applicants, creating a potential class of at least 119,100 people. All non-White applicants who applied for a refinance, home purchase or home equity line of credit and were initially “approved” by Fannie Mae's, Freddie Mac's or Wells Fargo's own internal underwriting system but ultimately denied from 2018 through 2022, the plaintiffs argue, are entitled to damages. The plaintiff
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