Predatory Lending

Illinois AG Sues Wells on Alleged Reverse Redlining 

Illinois Attorney General Lisa Madigan is suing Wells Fargo [stock WFC][/stock] on alleged predatory lending practices and discrimination against African American and Latino borrowers. The Illinois AG’s suit, filed in Cook County Circuit Court, claims Wells engaged in a practice called “reverse redlining,” in which lenders are said to target minority consumers or residents of minority neighborhoods for high-cost subprime mortgages. Madigan’s complaint alleges Wells targeted marketing programs in areas considered minority-populated.