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Wells Fargo loses bid to end Philadelphia predatory lending lawsuit
Source: Reuters
#BUSINESS NEWS JANUARY 16, 2018 / 3:29 PM / UPDATED AN HOUR AGO
Wells Fargo loses bid to end Philadelphia predatory lending lawsuit
Jonathan Stempel
3 MIN READ
(Reuters) - A federal judge in Philadelphia on Tuesday rejected Wells Fargo & Co’s bid to dismiss that city’s lawsuit accusing the largest U.S. mortgage lender of predatory lending targeting black and Hispanic borrowers.
U.S. District Judge Anita Brody said Philadelphia may pursue claims that the bank’s alleged “reverse redlining” violated the federal Fair Housing Act, though she had “serious concerns” about whether claims of economic harm could survive.
Wells Fargo spokesman Tom Goyda said in an email that the decision, “while disappointing, in no way suggests that the claims ultimately will prevail. Wells Fargo has been a part of the Philadelphia community for more than 140 years and we are prepared to defend our record as a fair and responsible lender.”
Mike Dunn, a spokesman for Philadelphia, said the city “looks forward to developing further evidence of Wells Fargo’s alleged discriminatory practices.”
-snip-
Wells Fargo loses bid to end Philadelphia predatory lending lawsuit
Jonathan Stempel
3 MIN READ
(Reuters) - A federal judge in Philadelphia on Tuesday rejected Wells Fargo & Co’s bid to dismiss that city’s lawsuit accusing the largest U.S. mortgage lender of predatory lending targeting black and Hispanic borrowers.
U.S. District Judge Anita Brody said Philadelphia may pursue claims that the bank’s alleged “reverse redlining” violated the federal Fair Housing Act, though she had “serious concerns” about whether claims of economic harm could survive.
Wells Fargo spokesman Tom Goyda said in an email that the decision, “while disappointing, in no way suggests that the claims ultimately will prevail. Wells Fargo has been a part of the Philadelphia community for more than 140 years and we are prepared to defend our record as a fair and responsible lender.”
Mike Dunn, a spokesman for Philadelphia, said the city “looks forward to developing further evidence of Wells Fargo’s alleged discriminatory practices.”
-snip-
Read more: https://www.reuters.com/article/us-wells-fargo-philadelphia/wells-fargo-loses-bid-to-end-philadelphia-predatory-lending-lawsuit-idUSKBN1F52MF
