Baltimore Court's Decision Allows Wells Fargo to Set Record Straight
DES MOINES, IOWA — July 2, 2009
Judge Benson Legg of the Maryland Federal District Court announced today the Court’s intention to move forward to the next stage of litigation, discovery and further motion practice, in the City of Baltimore’s lawsuit. The Court’s decision is a common next step in the lengthy legal process, and simply means additional information will be gathered.
“We continue to believe that this lawsuit lacks merit,” said Cara Heiden, co-president of Wells Fargo Home Mortgage. “We welcome the opportunity to set the record straight and demonstrate the many controls we have in place to ensure fair, responsible, and nondiscriminatory lending for all our customers.”
While the City claims Wells Fargo is responsible for its many revenue-related problems, it also cites in the lawsuit that less than 1 percent of Baltimore’s 33,000 foreclosures were associated with Wells Fargo. During the same period of time, the company made $3.5 billion in mortgage loans most of which were prime loans.
“We have responsibly made homeownership possible for Baltimore borrowers using the many controls we have in place to ensure race is not a factor in the pricing and products we offer,” said Heiden. “Our long-term commitment to the Baltimore market – which remains steadfast – includes supporting its communities by continuing to lend responsibly and working hard to keep people in their homes.”
About Wells Fargo
Wells Fargo Home Mortgage is the nation’s leading mortgage lender and services one of every six mortgage loans in the nation. A division of Wells Fargo Bank, N.A., it has a national presence in mortgage stores and banking stores, and also serves the home financing needs of customers nationwide through its call centers, Internet presence and third-party production channels.