Wells Fargo Left Black Homeowners Behind in Pandemic Mortgage Refinancing Boom

Bloomberg, Mar. 11, 2022–Shawn Donnan, Ann Choi, Hannah Levitt, Christopher Cannon
Kristy Fercho, who in August 2020 became the first Black woman to oversee Wells Fargo’s home-lending business and its more than 25,000 employees, says the bank’s processes are race-blind and that its lending decisions were “consistent across racial and ethnic groups.” Any racial disparity in outcomes for refinancing in 2020 was the result of variables Wells Fargo doesn’t control, she and other executives say, including credit scores, the appraised value of homes and broader inequities in the U.S. economy. (MBA mention)