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Wells Fargo settles Discrimination suit for $175 million

9/24/2012, 3:57 p.m.

The Washington post reports: In one of the largest fair-lending payouts in history, Wells Fargo agreed on Thursday to spend at least $175 million to settle federal accusations that it steered Black and Latino borrowers into high-cost loans and charged them excessive fees.

The settlement with the nation's largest home mortgage lender is rooted in a lawsuit filed four years ago by Baltimore over fair-lending violations. It culminated Thursday in what federal officials called "systemic discrimination" spanning 36 states and involving more than 34,000 minority customers over five years.

For more see: www.washingtonpost.com