ACORN Threatens to Sue Wells Fargo

The Association of Community Organizations for Reform Now said it plans to file a national lawsuit in California State Court June 28 against Wells Fargo on claims of alleged predatory lending.The suit charges the company with what ACORN calls a "broad range of unfair and deceptive lending practices" including misleading borrowers about the real terms and conditions of their loans, 'bait and switch' sales tactics, and routinely failing to inform borrowers with good credit that they can qualify for credit at significantly better rates and fees than those charged them by Wells, ACORN said. More than 2,000 ACORN members from all over the country will also participate in a march and rally in Los Angeles demanding Wells end these alleged predatory lending practices, ACORN said. "ACORN will not allow Wells Fargo to continue to swindle and steal from our communities," said Maude Hurd, ACORN national president. "We will fight until their abusive loan practices end and the Wells stagecoach is no longer delivering misery to homeowners." A spokesman for Wells Fargo was unavailable for comment by deadline time Monday.