Wells Fargo, the nation's largest mortgage lender, agreed to settle with the Justice Department Thursday to resolve allegations that it steered blacks and Hispanic borrowers into subprime loans when similarly qualified white borrowers received mortgages with lower rates.
July 12, 2012

wells

Wells Fargo, the nation's largest mortgage lender, agreed to settle with the Justice Department Thursday to resolve allegations that it steered blacks and Hispanic borrowers into subprime loans when similarly qualified white borrowers received mortgages with lower rates.

The settlement, which must be approved by a judge, requires Wells Fargo to provide $125 million to borrowers, $50 million in down-payment assistance in hard-hit regions where Justice found evidence of discrimination, and additional compensation to blacks and Hispanics who were wrongly placed into subprime loans.

[Via]

Discussion

We welcome relevant, respectful comments. Any comments that are sexist or in any other way deemed hateful by our staff will be deleted and constitute grounds for a ban from posting on the site. Please refer to our Terms of Service for information on our posting policy.
Mastodon