Illinois Sues Wells Fargo

Wells Fargo & Co. has a new lawsuit to deal with, this time facing the state of Illinois after Illinois Attorney General Lisa Madigan accused Wells Fargo of bias. According to Madigan’s lawsuit, Wells Fargo intentionally directed African-Americans and Latinos toward the infamous subprime mortgages, knowing aware of the high costs of these mortgages.
Madigan has stated that Wells Fargo is responsible for turning Illinois’ primarily black and Latino neighborhoods into strongholds for the controversial subprime mortgages. These allegedly illegal sales practices have overwhelmingly led to foreclosures in these neighborhoods, forcing otherwise innocent families out on the street because of Wells …read more