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Too Much Truth Recap: Feds reach $175 million settlement with Wells Fargo

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According to the AJC.com,

Wells Fargo agreed Thursday to pay more than $175 million to resolve allegations that it engaged in a widespread pattern of discrimination that pushed qualified black and Hispanic borrowers into more expensive home loans.

The settlement could impact more than 1,000 of the bank’s customers in metro Atlanta.

The settlement with the U.S. Justice Department provides $125 million to borrowers who were steered into subprime mortgages or who paid higher rates than white borrowers because of their skin color or ethnicity and not because of their creditworthiness. Wells Fargo will also spend $50 million to help pay down payments to victims in the hardest hit areas.

PHOTO COURTESY OF CBS RADIO

PHOTO COURTESY OF CBS RADIO

Today we talked about the reasons why you should bank black! Click the audio links to hear the conversation as well as the entire show!!

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