On September 8, 2009
Ex-Wells Fargo Loan Officer Details Shady Practices
In a June interview with The Charlotte Observer, Wells Fargo CEO John Stumpf rejected allegations of predatory lending by the banking giant, especially in how it deals with minorities. “We make those loans in a fair and responsible way. We absolutely do not tolerate discrimination. We do not use race in our underwriting criteria. . . . No matter whether they come through the subprime channel or the prime channel, we give them the best deal so they can get the very best rate.” The comments echoed the executive’s remarks to lawmakers earlier this year, when he said Wells recognizes that many of its customers “are facing difficult times” and that “now, as always, we want to do what’s right…
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