Wells Fargo response to NAACP lawsuit

March 13, 2009 7:09:23 PM PDT
Wells Fargo issued a statement in response to tha NAACP lawsuit:The NAACP's allegations are totally unfounded and reckless. We have never tolerated, and will never tolerate, discrimination in any way, shape or form in any of our business practices, products, or services. We are proud of our lengthy record leading the industry in responsible lending practices and in support of the communities we serve, which makes the very thought of a discrimination claim reprehensible to us. Our loan terms and pricing are based on market factors and on individual customer and loan circumstances, such as the credit profile of the borrower, the loan type, the loan-to-value ratio, and the property type. We have been working with the NAACP for the past two years to develop a partnership that would benefit the NAACP, its constituents, and our communities, so we are dismayed that the NAACP has chosen to abandon that constructive dialogue in order to pursue this litigation. We intend to vigorously defend these unfounded allegations and are confident we will prevail.