Wells Fargo settles discrimination claim
By The Week Staff | July 12, 2012
O
n 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.
MOST READ
MOST SHARED
- Confessions of a trust-fund baby
- The politics behind Kanye West's 'New Slaves'
- WATCH: Jon Stewart hates everyone in Washington now
- Did the world almost end in 1983?
- Is the GOP blinded by Obama hatred?
- The Indiana law that lets citizens shoot cops
- Why NASA is funding a 3D pizza printer
- What is a quantum computer — and why does Google need one?
- 32 TV shows to watch in 2013 [Updated]
- Are we on the cusp of a solar energy boom?
- The politics behind Kanye West's 'New Slaves'
- Are we on the cusp of a solar energy boom?
- Why Oklahoma Sen. Tom Coburn doesn't want tornado relief money
- WATCH: Jon Stewart hates everyone in Washington now
- LIVE UPDATES: Massive tornado tears through Oklahoma City area
- Angry at the government? 5 ways you can fight back
- 7 purported health benefits of drinking coffee
- What is a quantum computer — and why does Google need one?
- Why NASA is funding a 3D pizza printer
- The cool backstory of the Slurpee
|
||
|
|
||
|
|
||
|
|
||
|
|
||
