Wells Fargo Wants To Be Clear The $175 Million It’s Paying To Make Allegations It Discriminated Against Black And Hispanic People Go Away Does Not Mean It Discriminated Against Black And Hispanic People

Dealbreaker’s Own Bess Levin makes the facts perfectly clear: The settlement announced by the Justice Department Thursday involves at least 34,000 [black and Hispanic] borrowers who were charged higher fees or were steered into risky subprime mortgages when they could have qualified for a prime mortgage, ones offered to borrowers with the best credit. In settling, Wells Fargo said it “not only denies that it discriminated unlawfully, but affirmatively asserts that it has treated all of its customers without regard to race or national origin,” according to the consent order. The company is entering the settlement “solely for the purpose of avoiding contested litigation with the Department of Justice,” the order said.

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