Wells Fargo Pays $175 Million DOJ Settlement for Discriminatory Mortgage Lending

The Department of Justice reached a $175 million settlement with Wells Fargo — the second-largest fair lending settlement in DOJ history — resolving allegations that the bank steered Black and Latino borrowers into subprime loans and charged them higher fees than white borrowers with similar credit. Approximately 30,000 minority borrowers were identified as victims between 2004 and 2009.