Banks Trying to Grow Releases on Fraud-Related Settlements After the Fact

By: Monday October 15, 2012 3:30 pm

The ACLU’s calss action lawsuit against Morgan Stanley over racial discrimination in lending is out. Five African-American homeowners from Detroit form the core of the plaintiffs, who allege that Morgan Stanley pushed the now-defunct New Century Financial into providing them with a “steady stream of irresponsible, high-risk loans issued in communities of color that were [...]

Justice Department Inks Settlement With Wells Fargo Over Racial Discrimination in Housing

By: Thursday July 12, 2012 1:38 pm

Wells Fargo has agreed to a $175 million settlement with the Justice Department on housing discrimination charges. The settlement reflects an effort on the part of the DoJ’s Civil Rights Division to seek some measure of accountability for the pervasive discrimination against African-American and Hispanic borrowers during the housing bubble. But the numbers involved are [...]

Fair Housing Alliance Accuses Wells Fargo of Causing Blight in Minority Neighborhoods

By: Wednesday April 11, 2012 11:37 am

We’ve heard stories for the past couple weeks about how banks are more keen to maintain properties in more affluent areas than in minority neighborhoods. Now, one fair housing group is trying to do something about that. The National Fair Housing Alliance filed a federal housing discrimination complaint against Wells Fargo to get the bank [...]

DoJ Settles – Again – With Countrywide on Fair Lending Claim

By: Wednesday December 21, 2011 12:57 pm

The Department of Justice has announced a $335 million settlement with Countrywide, the former subprime mortgage giant now subsumed into Bank of America, on claims of housing discrimination. The Justice Department on Wednesday announced the largest residential fair-lending settlement in history, saying that Bank of America had agreed to pay $335 million to settle allegations [...]

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