Wells Fargo bank has settled another bank fraud and pricing discrimination lawsuit in Baltimore, Maryland by agreeing to pay $7.5 million to the city of Baltimore and $2.5 million directly to 1,000 Baltimore area residents.
The total nationwide for the settlement between the U.S. Department of Justice and Wells Fargo is this "discriminatory lending practices" lawsuit is $175 million. Federal officials credit the city of Baltimore with first raising issues of discrimination related to the bank's subprime mortgages throughout the country.
The essence of the civil lawsuit is that Baltimore city alleged Wells Fargo bank steered minorities into subprime loans, gave them less favorable rates than white borrowers and foreclosed on hundreds of Baltimore homes of minorities, creating inner city blight and higher public safety costs.
Wells Fargo is the largest residential home mortgage originator in the United States.
[And see, "Wells Fargo agrees to pay $175 M settlement in pricing discrimination suit", Luke Broadwater (writer) The Baltimore Sun, July 12, 2012; Legal Consumer Tips and Secrets (Avoiding Debtors' Prison in the United States), Attorney Charles Jerome Ware, iUniverse Pub. (2011)]
Other Books Also By Charles Jerome Ware
Understanding the Law: A Primer
The Immigration Paradox: 15 Tips for Winning Immigration Cases
Charles Jerome Ware
(Twitter) http://twitter.com/CharlesJWare
(Website) www.CharlesJeromeWare.com
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