Wells Fargo pays $175M to settle race discrimination probe

The Justice Department says Wells Fargo & Co. will pay at least $175 million to settle accusations that it allegedly discriminated against qualified African-American and Hispanic borrowers in its mortgagelending from 2004 through 2009.

The settlement, which needs approval from a judge, would end the investigation into whether the fourth largest U.S. bank between 2004 and 2009 knowingly targeted minorities for risky mortgagesthat came with higher costs, according to documents filed in the U.S. District Court for the District of Columbia.

read more: http://www.msnbc.msn.com

Posted on: July 13, 2012, by : ondaemarketing

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