Specifically, the complaint alleged that Wells Fargo engaged in reverse redlining
, the practice of targeting African American borrowers for high interest loans without regard for their ability to pay.
Wolters Kluwer Financial Services' Fair Lending Wiz software helps lenders effectively monitor against a variety of potential fair lending concerns, including redlining, reverse redlining
, steering, disparate treatment and disparate impact.
We practice reverse redlining
,"start at $500 and rise to $5,000, versus the typical commercial minimum of $25,000 to $50,000.
Moseley-Braun will continue co-sponsoring bills addressing: reverse redlining
(when residents of selected neighborhoods can get mortgages, but only at very high rates); community development banking; and violence against women.
Now the agency is expanding its crackdown to include potentially fraudulent lending in minority communities, redlining and reverse redlining
San Francisco, under the federal Fair Housing Act, alleging the lender targeted black neighborhoods for high-risk, unfairly priced loans--in effect reverse redlining
, said Ramsey.