Saturday, July 14, 2012

Were Your Wronged By Wells?: Yesterday a settlement with the Federal Givernment on claims of racial discrimination in making loans was agreed to by Wells Fargo. They will write a rather large check to settle the claims arising from a Federal investigation that alleged independent brokers steered minority borrowers to Wells, where they were placed in higher interest rate loans than white borrowers in similar economic circumstances. Wells did not admit any guilt in mkaing the settlement. Oh, you ask how much was the check Wells wrote to settle? It was $175 million. Begs the question if you ar4e a minority borrower with a mortgage from Wells, were you discriminated, and, if so, do you have a potential action against them for damages based on any discrimination that may have occured? Check with your attorney if you think so. Good luck.

No comments: