Why does Wells Fargo Suck? Let’s Find out. | Corporate Casket
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The Problem With Wells Fargo's Refinance Program
Wells Fargo agreed to a $175 million settlement with the US Justice Department, but of course, they didn't admit to any wrongdoing. The company only ever approved about 47% of all applications by black homeowners in 2020. That same year, 72% of white homeowners were approved. Lowest income white applications were approved more than literally all income levels of black applicants except the highest one, which was over 168,000 a year. When black and white applicants had the same income status, the white families were about twice as likely to have their refinancing approved.
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