The Department of Justice has
reached a settlement with Wells Fargo Bank regarding an alleged pattern of
discrimination against qualified African-American and Hispanic borrowers for a
5 year period beginning in 2004. The settlement gives $125 million in
compensation for borrowers who were led into taking out subprime
mortgages or who paid higher fees than similarly-qualified white
borrowers. The additional $50 million will provide direct payments for
down payment assistance of residents in eight U.S. metro areas.
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