Stockholders of Wells Fargo & Co., San Francisco, have overwhelmingly rejected a proposal by the Coalition for Responsible Growth asking the company's board to conduct a special executive compensation review to address so-called predatory lending practices.The company did not report the total vote, which came April 27 at the company's annual stockholders' meeting in San Francisco. Members of the Association of Community Organization for Reform Now supported the proposal to protest what ACORN calls "abusive mortgage loans" at Wells Fargo. The company said it does not engage in such lending and has implemented numerous policies and procedures to help consumers make informed borrowing decisions. Wells also said its compensation practices do not reward executives for deviation from stated policies, including those regarding lending practices.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
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Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
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Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
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Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
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Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
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