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-   -   Wells Fargo Lawsuit about DACA being denied loans will proceed (http://dreamact.info/forum/showthread.php?t=77577)

Swim19 08-08-2017 01:50 PM
Wells Fargo Lawsuit about DACA being denied loans will proceed
 
Quote:
A federal judge in San Francisco has refused to dismiss a lawsuit accusing Wells Fargo bank of denying loans to immigrants who came to the U.S. as youngsters and have been allowed to remain here.


Denial of loans based on citizenship status violates a federal law, passed in 1870, and a California civil rights law, U.S. District Judge Maxine Chesney said Thursday in rejecting the bank’s attempt to dismiss the proposed nationwide class-action suit.


Wells Fargo, according to the suit, has a policy of granting loans only to U.S. citizens or to noncitizens who have become permanent legal residents and have a cosigner who is a U.S. citizen.
Quote:
“This is a very significant ruling,” said attorney Victor Viramontes of the
Mexican American Legal Defense and Educational Fund, a lawyer for the plaintiffs. “Wells Fargo argued that they could discriminate against DACA recipients, and the judge rejected that.”

Viramontes said other national banks have similar policies. “The entire industry should take note of this ruling and how they are treating people who are not yet permanent lawful residents,” he said.


Wells Fargo, in a statement, said, “While the court’s decision to allow the lawsuit to proceed is disappointing, we are prepared to defend our record as a responsible lender.”
http://www.sfgate.com/bayarea/articl...o-11740751.php

libertarian1776 08-08-2017 01:53 PM
Re: Wells Fargo Lawsuit about DACA being denied loans will proceed
 
right-wingers will hate us more for this. lmao

MIdreamer 08-08-2017 02:28 PM
Re: Wells Fargo Lawsuit about DACA being denied loans will proceed
 
Why sue? They are a private business, they can do whatever they want. If I'm the loan officer, I wouldn't give DACA recipient loans, the risk is too high. Just look at how uncertain DACA's future is. They will be so out of luck if DACA got recinded.

JJ Glo 08-08-2017 02:52 PM
Re: Wells Fargo Lawsuit about DACA being denied loans will proceed
 
Fuck Wells Fargo. They wouldn't even graduate my Secured Credit Card to Unsecured back when I was trying to build my credit. They would send me countless letters of pre-approval for Credit Cards and everytime I applied I was asked for a copy of my Social Security Card and was subsequently denied. I closed my checking account and credit card and took my buisness somewhere else. I have credit cards with all other major banks. Wells Fargo sucks, they want nothing to do with DACA recepients. They will glady take your money though if you want to put it into a bank account.

Got_Daca 08-08-2017 02:53 PM
Re: Wells Fargo Lawsuit about DACA being denied loans will proceed
 
Discriminatory lending creates inequality

undoconyc 08-08-2017 03:15 PM
Re: Wells Fargo Lawsuit about DACA being denied loans will proceed
 
Quote:
Originally Posted by MIdreamer (Post 623446)
Why sue? They are a private business, they can do whatever they want. If I'm the loan officer, I wouldn't give DACA recipient loans, the risk is too high. Just look at how uncertain DACA's future is. They will be so out of luck if DACA got recinded.
You are 100% right.

biscuitneck 08-08-2017 03:41 PM
Re: Wells Fargo Lawsuit about DACA being denied loans will proceed
 
While i can understand the frustrations of not being able to get a loan, i have to say i would side with Wells Fargo on this one.

The fact that the future of DACA recipients is uncertain, it makes it hard to hand out a loan to someone who could potentially end up being suddenly deported. Even if you put collateral and whatnot, it's still a pain in the buns.

Osito 08-08-2017 03:50 PM
Re: Wells Fargo Lawsuit about DACA being denied loans will proceed
 
I don't understand why you all would side with a private bank. Sure the risk is big to lend to DACA recipients but it's federal law and if they don't like it then they can spend some of the millions they already spend on lobbying to change the law.

JohannBernoulli1667 08-08-2017 03:52 PM
Re: Wells Fargo Lawsuit about DACA being denied loans will proceed
 
Well, this is the right time to Max out on all the loans you can, then leave the country with your stash of cash.

Jk, don't actually do this.

BeeHive 08-08-2017 04:53 PM
Re: Wells Fargo Lawsuit about DACA being denied loans will proceed
 
Quote:
Originally Posted by Osito (Post 623478)
I don't understand why you all would side with a private bank. Sure the risk is big to lend to DACA recipients but it's federal law and if they don't like it then they can spend some of the millions they already spend on lobbying to change the law.
"It is federal law" what? What is federal law? Please tell me.


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