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| A Typical Bank Loan Officer |
Wells Fargo has agreed to pay at least $175 million to settle accusations that its independent brokers discriminated against black and Hispanic borrowers during the housing boom.
An investigation by the Justice Department’s civil rights division found that mortgage brokers working with Wells Fargo had charged higher fees and rates to minority borrowers than they had to white borrowers who posed the same credit risk.
In December 2011, the division settled a similar lawsuit with Bank of America for $335 million over loan discrimination by its Countrywide Financial unit. In May, SunTrust Mortgage agreed to pay $21 million in a similar case.
