WASHINGTON, D.C. – July 12, 2012 – (RealEstateRama) — Today’s Department of Justice fair lending settlement with Wells Fargo Bank is welcome news, and highlights the benefits of new mortgage rules to combat predatory lending. The DOJ settlement of $175 million settles charges that Wells Fargo steered about 4,000 African-American and Hispanic families into higher-cost subprime mortgages while white borrowers with similar qualifications received safer, cheaper prime loans. DOJ also found that about 30,000 people of color paid more for their mortgages in fees and rates because of their race or ethnicity
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