DOJ: Wells Fargo To Pay $175 Million To Settle Allegations Of Bias Against Blacks, Hispanics

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.

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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]

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Senior Editor, Lives in a gerrymandered district in Michigan.

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