Wells Fargo 2008 Shareholder Resolution Targets Racial Profiling and Sub-Prime Mortgages

May/June 2008 E-News  

In 2005 an investigation was conducted by then New York State Attorney General Eliot Spitzer into high cost loans and racial disparity. At that time, Responsible Wealth and other shareholders of Wells Fargo started pushing for answers. This year, we again presented a resolution asking Wells Fargo to report on their racial profiling and sub-prime mortgages. Here's a brief report from Julie Goodridge of Northstar Asset Management, who presented the resolution:

"When I go to these meetings, I am always amazed at how supportive the shareholders are of management. Wells was no exception. Here they have been involved in sub-prime, predatory lending for several years, are suffering from it financially, and yet they still deny any responsibility whatsoever -- and the shareholders believe them!

"After I presented our resolution that essentially accuses the company of racial profiling in its sub prime lending practices, the only shareholder to say anything was a man dressed in jeans and a white button down shirt who said, 'I say, if you don't like who we are, then sell your shares.'

"I wish I could be more upbeat, but as one of the few people under 65 in the room, with a very arrogant CEO, I felt all alone among the wolves...and I'm no shrinking violet. We need much more shareholder support at Wells."

Read the full resolution

Learn more about the racial bias in sub-prime mortgages that UFE helped focus national attention on in our State of the Dream 2008: Foreclosed

See how a Sheriff in Philadelphia tries to stop foreclosures.

Check out the May/June 2008 E-News