The City of Oakland this week sued Wells Fargo over allegations of predatory leading – targeting African-American and Hispanic residents, and minorities churches and congregations for loans that were more expensive and higher risk than those regularly made to whites.

“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.”

Wells Fargo refuted those charges and vowed to “vigorously defend their record as a fair and responsible lender.”

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