Wells Fargo to Settle with Local Borrowers

Wells-Fargo Bank agreed to pay a $175 million settlement, including a payout to borrowers in the Bucks and Montgomery area, for what the government calls unfair lending practices.

  Up to 1,030 borrowers in the Bucks and Montgomery area could collect a portion of the $175 million settlement the Department of Justice worked out with Wells-Fargo over allegations the bank discriminated against African-American and Hispanic borrowers. The DOJ on Thursday released the details of the proposed settlement for what the government called “a pattern of discrimination” against qualified African-American and Hispanic borrowers in the bank’s mortgage lending from 2004 to 2009. According to the complaint, “Wells Fargo discriminated by steering approximately 4,000 African-American and Hispanic wholesale borrowers, as well as additional retail borrowers, into subprime mortgages when non-Hispanic white borrowers with similar credit …

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