Metro Atlanta borrowers to get $3M in settlement

10:04 PM, Jul 12, 2012   |    comments
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ATLANTA -- Federal officials say a settlement with Wells Fargo & Co. will likely include about $3 million in restitution to metro Atlanta borrowers.

The Justice Department says Wells Fargo will pay a total of at least $175 million to settle accusations that it violated fair-lending laws by discriminating against qualified African-American and Hispanic borrowers in its mortgage lending from 2004 through 2009.

The U.S. Attorney's office in Atlanta says at least 1,400 metro Atlanta borrowers are believed to be victims. Some were steered into subprime mortgages, while others were charged higher fees than white borrowers.

DOJ says the bank's discriminatory lending practices resulted in more than 34,000 African-American and Hispanic borrowers in 36 states and the District of Columbia paying higher rates for loans because of the color of their skin.

(Associated Press)

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