Items Tagged with 'lending discrimination'


  • Study: Minority homebuyers pay higher interest rates

    Algorithmic strategic pricing targets those less likely to shop around
    African American and Latino borrowers continue to pay higher interest rates on their mortgages – even when the loan is completed online. A recent study by the University of California Berkeley revealed minority homebuyers pay up to half a billion dollars more in interest every year than white borrowers with comparable credit scores. The study asserts that in the fintech era, the mode of lending discrimination has shifted from human to algorithmic bias.
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  • Judge rules Cook County can pursue part of predatory lending lawsuit against Wells Fargo

    County can pursue federal Fair Housing Act claims against bank
    This week, a federal judge ruled that Cook County, Ill. can pursue federal Fair Housing Act claims as part of its lawsuit against Wells Fargo, which accuses the big bank of predatory mortgage lending targeting black and Hispanic borrowers in the Chicago area but the judge dismissed several other claims alleged by the county.
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  • Sacramento sues Wells Fargo over lending discrimination

    Lawsuit accuses bank of targeting minority borrowers with high-cost loans
    For the second time in less than a year, a major city is suing Wells Fargo for alleged discriminatory lending practices against minority borrowers. Last year, the city of Philadelphia sued Wells Fargo. Now, Sacramento is suing Wells Fargo as well for allegedly steering minority borrowers to high-cost loans.
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  • HUD charges Bank of America with lending discrimination

    Accused of discriminating against Hispanic mortgage borrowers
    The Department of Housing and Urban Development announced Friday that it is charging Bank of America and two of its employees with discriminating against Hispanic mortgage borrowers. According to the National Fair Housing Alliance and HUD, Hispanic prospective mortgage borrowers were given inferior loan options when compared to non-Hispanic prospective borrowers.
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