Wells Fargo & Co. has agreed to pay $175 million to resolve allegations it discriminated against qualified African-American and Hispanic borrowers in its mortgages, the U.S. Justice Department said today (July 12, 2012).
According to the Daily Mail website, the biggest U.S. mortgage lender will pay $125 million to borrowers who were steered into higher-priced sub-prime loans or who paid higher fees and rates than white borrowers.
Wells Fargo will also contribute $50 million to homebuyer assistance programs in eight metropolitan areas around the U.S.
Thomas Perez -- U.S. assistant attorney general for civil rights -- said at a news conference in Washington today, "This case is about real people, African-American and Latino, who suffered real harm as a result of Wells Fargo's discriminatory lending practices."
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