Wells Fargo to pay $175M
The Justice Department announced a fair-lending settlement with Wells Fargo & Co., Thursday morning that will compensate tens of thousands of the bank’s African-American and Hispanic borrowers who were steered into high-cost, subprime mortgages.
A $175 million price tag is attached to one part of the national settlement, compensating more than 34,000 Wells’ customers nationally whose loans were originated by non-bank mortgage brokers.
Another undetermined sum, expected to be many more millions of dollars, will be used to compensate victims who received bad mortgages directly from Wells Fargo employees.
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