Wells Fargo calls for the 9th Circ. To end the Oakland loan bias lawsuit

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Law360 (June 23, 2021, 9:30 p.m. EDT) – Wells Fargo on Wednesday urged the entire Ninth Circuit to end the Oakland trial under the Fair Housing Act, alleging the bank had targeted minority residents with predatory home loans that hurt property tax revenues, arguing the city can’t show it was hurt because “more foreclosures mean more money for the city, not less.”

Wells Fargo told the Ninth Circuit in a new bench hearing that Oakland could not continue its 2015 lawsuit – alleging the bank engaged in discriminatory practices by offering more predatory mortgages to black borrowers and Hispanic than white borrowers resulting in foreclosures – because foreclosures actually increased …

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