PropertyProf Blog

Editor: Stephen Clowney
Univ. of Arkansas, Fayetteville

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Friday, July 13, 2012

Wells Fargo Settles Mortgage Discrimination Case

Wells Fargo, the nations largest mortgage lender, has agreed to pay $175 million to settle accusations that it pushed black and latino borrowers into high costs loans and then charged them excessive fees.  From the Washington Post:

[The Justice Department's] centered on Wells Fargo mortgages made between 2004 and 2009 by independent brokers. It found that highly qualified black borrowers were four times as likely to receive a subprime loan as similarly qualified white applicants. Hispanic borrowers were three times as likely to get a subprime loan. Those mortgages carried higher interest rates and unfavorable terms that often resulted in borrowers falling behind on payments or losing their homes altogether.

Steve Clowney

http://lawprofessors.typepad.com/property/2012/07/wells-fargo-settles-mortgage-discrimination-case.html

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Comments

HOW THE HELL IS IT FAIR TO PAY CALIFORNIANS DISCRIMINATORY FINES BUT NOT FLORIDIANS??????
I live in Central Florida and had a Wells Fargo home mortgage for 16 years.
I am a MINORITY who suffered the very same discriminatory practices that Blacks & Latino
did in California.
So why am I not being paid for my losses?
I want to know WHO to contact to be paid my share of compensation.
Jimmy Shine
www.facebook.com/jimmyshine627
Orlandoblkman2005@yahoo.com

Posted by: Jimmy Shine | Jul 31, 2012 9:57:41 AM

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