Wells is 'killing Black homeowners opportunities' with high rate of denials when interest rates were low, says attorney Ben Crump.
filed in February involves claims by Georgia resident Chris Williams that the bank tried to charge him a higher rate than his credit score warranted when he looked to refinance his home mortgage in 2019. Additional plaintiffs have signed on as well, with attorneys now seeking to make it a class action.
"Our lawsuit comes on the heels of reporting by Bloomberg in late March," Ellis said of the news service's reporting, which showed Wells Fargo approving only 47% of Black homeowners who completed applications to refinance mortgages in 2020, compared with 72% of White applicants. Adding insult to injury, Black applicants were disproportionately denied or delayed by Wells Fargo at a time when record-low interest rates had borrowers scurrying to refinance and reduce their monthly payments, said Ellis.
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