Wednesday, July 27, 2011

NAACP Sponsor Wells Fargo Being Sued by Justice Department for Discriminatory Lending


by Dr. Boyce Watkins, Syracuse University – Scholarship in Action

The United States Justice Department is preparing to launch an investigation against Wells Fargo, a company that serves as the largest home mortgage lender in the country.  The company is being accused of taking advantage of minority consumers by selling them loans that were overpriced and more likely to lead to default.

Wells Fargo is not only the fourth-largest bank in the United States, it is also a key sponsor of the annual NAACP Convention.  The organization took criticism last year when they dropped a discrimination lawsuit against the company shortly before announcing that they were set to receive money from the bank.

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