City of Oakland sues Wells Fargo over allegations of predatory lending

September 22, 2015
The city of Oakland said Tuesday that it sued Wells Fargo over allegations of predatory lending.
     The lawsuit, filed in federal court, alleges that Wells Fargo targeted Oakland's African-American and Hispanic residents, along with minority churches and congregations, for loans that were more expensive and higher risk than those regularly made to white borrowers.
     “Wells Fargo’s discriminatory conduct devastated individuals and communities, increasing poverty and wiping out or drastically reducing wealth for minority communities while bankers prospered,” said Barbara Parker, the city attorney for Oakland. “Wells Fargo and other banks knew when they issued predatory loans that many of them would result in foreclosure.