{"id":5699,"date":"2014-11-28T00:00:00","date_gmt":"2014-11-28T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2014\/11\/wells_fargo_sued_over_allegedl"},"modified":"2022-05-06T11:58:09","modified_gmt":"2022-05-06T16:58:09","slug":"wells-fargo-sued-over-allegedl","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/wells-fargo-sued-over-allegedl\/","title":{"rendered":"Wells Fargo Sued Over Allegedly Biased Lending in Chicago"},"content":{"rendered":"\n<p>Cook County, Illinois is suing Wells Fargo &amp; Co. (WFC) for engaging in purportedly predatory and discriminatory lending practices in the Chicago area. The county said that the U.S. mortgage lending company targeted female, Hispanic, and black borrowers. <\/p>\n<p>Per the mortgage lending lawsuit, for over a decade Wells Fargo discriminated against female and minority borrowers in the area to increase profits. Cook County claims that the bank went after borrowers from the time the loans were created through foreclosure and even during equity stripping, which included unnecessary or inflated fees and rates and refinancing penalties. The county believes its property tax base was eroded, it had to spend money to deal with abandoned properties, and some 26,000 borrowers were impacted. Cook County says damages could be as high as $300 million or greater.<\/p>\n<p>It wants to stop Wells Fargo\u2019s alleged practices and is seeking punitive and compensatory damages. Cook County also notes that certain practices involved the former Wachovia Corp, which Wells Fargo now owns. Meantime, the bank says that the accusations in the mortgage lending lawsuit have no merit. <\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/wells-fargo-sued-over-allegedl\/\"  title=\"Continue Reading Wells Fargo Sued Over Allegedly Biased Lending in Chicago\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Cook County, Illinois is suing Wells Fargo &amp; Co. (WFC) for engaging in purportedly predatory and discriminatory lending practices in the Chicago area. The county said that the U.S. mortgage lending company targeted female, Hispanic, and black borrowers. Per the mortgage lending lawsuit, for over a decade Wells Fargo discriminated against female and minority borrowers [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,4001,3836],"tags":[],"class_list":["post-5699","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-mortgage-fraud","category-wells-fargo"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Wells Fargo Sued Over Allegedly Biased Lending in Chicago &#8212; Investor Lawyers Blog &#8212; November 28, 2014<\/title>\n<meta name=\"description\" content=\"Cook County, Illinois is suing Wells Fargo &amp; Co. (WFC) for engaging in purportedly predatory and discriminatory lending practices in the Chicago area. &#8212; November 28, 2014\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/wells-fargo-sued-over-allegedl\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Wells Fargo Sued Over Allegedly Biased Lending in Chicago &#8212; Investor Lawyers Blog &#8212; November 28, 2014\" \/>\n<meta name=\"twitter:description\" content=\"Cook County, Illinois is suing Wells Fargo &amp; Co. (WFC) for engaging in purportedly predatory and discriminatory lending practices in the Chicago area. &#8212; November 28, 2014\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Wells Fargo Sued Over Allegedly Biased Lending in Chicago &#8212; Investor Lawyers Blog &#8212; November 28, 2014","description":"Cook County, Illinois is suing Wells Fargo &amp; Co. 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