Wells Fargo in DOJ’s Sight
That shift bank Wells Fargo is at it again, this time with African-American borrowers. This time it’s the Justice Department – not Federal Reserve – making the lawsuit.
The Justice Department’s Civil Rights Division is preparing to file a lawsuit against Well Fargo bank for allegedly shunting thousands of African-American borrowers into subprime mortgages when they should have qualified for less expensive loans. News of DOJ’s probe comes just one week after Wells Fargo agreed to pay an $85 million settlement after a similar lawsuit was brought by the Federal Reserve alleging that the bank preyed upon over 10,000 borrowers.
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DOJ: Wells Fargo Intentionally Steered African-American Borrowers Into Expensive Subprime Loans