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Home » Store » Enforcement » Wells Settles Subprime Lawsuits with DOJ, Others

Wells Settles Subprime Lawsuits with DOJ, Others

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Enforcement

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Wells Fargo agreed last week to pay more than $125.0 million and offer $50.0 million in downpayment assistance to settle subprime-related fair lending claims by the Department of Justice and others. The claims center on brokered originations for African-American and Hispanic borrowers. The DOJ alleged that between 2004 and 2009, Wells charged approximately 30,000 African-American and Hispanic wholesale borrowers higher fees and rates than non-Hispanic white borrowers because of their race or national origin ...
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