Georgia Counties Drop Wells Fargo Subprime Mortgage Lawsuit (1)

Three Georgia counties say they want a court to dismiss with prejudice their lawsuit against Wells Fargo & Co. over it allegedly lending subprime mortgages to minority borrowers more than to White ones.

Fulton, Cobb, and DeKalb counties alleged that Wells Fargo pushed minority applicants into predatory loans that were harder to pay off, “even when those applicants qualified for prime loans.” They sued in the US District Court for the Northern District of Georgia. Because the counties were able to identify loans that were foreclosed on after April 2019 and thus not time-barred by the Fair Housing Act, ...