Wells Fargo Settles Housing Discrimination Suit
POSTED: Thursday, July 12, 2012 - 9:11pm
UPDATED: Thursday, July 12, 2012 - 9:14pm
(CNN)- Today, the Department of Justice reached a significant settlement - totaling at least $175 million - with Wells Fargo Bank, the nation's largest originator of residential home mortgages. This settlement constitutes the second-largest fair lending settlement ever reached by the Department. And it will resolve the government's allegations that, from 2004 through 2009, Wells Fargo engaged in discriminatory lending practices against qualified African-American and Hispanic borrowers - thereby violating the Equal Credit Opportunity Act and the Fair Housing Act. These activities took place in at least 82 geographic markets across 36 states and the District of Columbia.