- Pennsylvania Among 'Terrible 10' Most Regressive Tax States
- February 4 Non-Partisan Training: HOW TO RUN FOR ELECTION BOARD IN 2013: HOW TO RUN FOR COMMITTEEPERSON IN 2014
- Republican Governors Opt-In to Medicaid Expansion
- The Reports of Unions' Death Are Greatly Exaggerated
- Ask Allyson Schwartz to run for Governor
- Mind the gap: Opting Out of Medicaid Expansion Leaves Low-income Families Behind
- Jan. 14 Workshop:HOW TO RUN FOR ELECTION BOARD IN 2013; HOW TO RUN FOR COMMITTEEPERSON IN 2014
- Seth Williams on Guns, Jasmine Rivera on School Closures @PFC Meetup Wednesday
- PA Revenue Strong Midway Through Year; Tax Cut Could Have Big Impact
- What to Make of the Fiscal Cliff Deal?
Pennsylvania Human Relations Commission Files Lawsuit Against Wells Fargo for Reverse Redlining Philadelphia's Neighborhoods
In case you have not seen it, the Pennsylvania Human Relations Commission (PHRC) has filed suit against Wells Fargo Bank. The PHRC, which is responsible for enforcing Pennsylvania's anti-discrimination laws, has alleged that Wells Fargo systematically 'reverse redlined' Philadelphia neighborhoods, by concentrating expensive, abusive loans in Philadelphia neighborhoods that have a high percentage of African-American residents.
Among other things, the Complaint alleges that:
- Respondents underwrite adjustable rate loans for African Americans and Philadelphia’s African American neighborhoods that those borrowers cannot afford.
- Respondents’ pricing sheets show that it targets homes that are more likely to be located in African American neighborhoods for an interest rate increase, and lowers rates for homes that are disproportionately located in white neighborhoods.
- Respondents originate unfair and predatory mortgage loans to African Americans and African American neighborhoods in Philadelphia.
- Publicly available Home Mortgage Disclosure Act data shows that respondents’ high-cost loans are disproportionately provided to African Americans and are located in African American neighborhoods in Philadelphia
- Respondents’ loan officers were given substantial discretion to increase the costliness of mortgage loans and they regularly used this discretion at the expense of African Americans borrowers and borrowers in African American neighborhoods.
This is, of course, a very big deal, and my guess is that will be hearing a lot more about it in the coming months.