Speak up if you were a victim of Wells Fargo mortgage discrimination
Local homeowners may be able to cash in on last week’s mortgage discrimination settlement with Wells Fargo.
The bank was accused of steering black and Latino borrowers into subprime mortgages or charging them higher fees and interest rates than white borrowers. About 34,000 homeowners in 36 states, including Pennsylvania, were discriminated against, the U.S. Department of Justice said.
Wells Fargo, the nation’s largest mortgage lender, denied the allegations and said it treated all borrowers fairly. But it agreed Thursday to pay at least $175 million to settle the case.
“All too frequently, Wells Fargo’s African-American and Latino borrowers had no idea they could have gotten a better deal,” U.S. Assistant Attorney General Thomas Perez said. “No idea that white borrowers with similar credit would pay less. That is discrimination with a smile.”