Sen. Warner Presses Wells Fargo for Answers Following Report of Racial Disparities in Approval of Refinancing Applications
March 19, 2022
March 19, 2022
WASHINGTON, March 19 -- Sen. Mark Warner, D-Virginia, issued the following news release on March 18, 2022:
U.S. Sen. Mark R. Warner (D-VA) pressed Wells Fargo for answers after a Bloomberg News investigation revealed that the financial services company approved only 47 percent of Black homeowners' refinancing applications in 2020 - an approval rate significantly below other lenders, who approved about 70 percent of Black homeowners' refinancing applications.
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U.S. Sen. Mark R. Warner (D-VA) pressed Wells Fargo for answers after a Bloomberg News investigation revealed that the financial services company approved only 47 percent of Black homeowners' refinancing applications in 2020 - an approval rate significantly below other lenders, who approved about 70 percent of Black homeowners' refinancing applications.
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