On Thursday, Wells Fargo agreed to pay $175 million to settle claims that its mortgage brokers had discriminated against thousands of blacks, Latinos, and other minority borrowers from 2004 to 2009. The Justice Department had accused the bank, the country's largest originator of home loans, of steering minority borrowers to subprime loans with higher interest rates and fees, while white borrowers with the exact same credit rating were issued normal loans. Government prosecutors described the practice as a "racial surtax," and said part of the settlement would go toward compensating individual borrowers who had been affected.
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
- After Ferguson: Stop deferring to the cops
- Ferguson riots were terrible — but this racist reaction was worse
- The hilarious hypocrisy of Republicans complaining about the imperial presidency
- Don't argue about politics this Thanksgiving. Just don't.
- Is it now OK to have sex with animals?
- 7 grammar rules you really should pay attention to
- In Ferguson, Michael Brown lost his life — and America's police lost the benefit of the doubt
- 43 TV shows to watch in 2014
- How to be the most productive person in your office — and still get home by 5:30 p.m.
- Hey, scolds: Stop telling us to enjoy a healthy Thanksgiving
Subscribe to the Week