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Illinois borrowers to get $15M in Wells Fargo deal

Thu, 12 Jul 2012 16:04:25 CDT
By: AP

Attorney General Lisa Madigan says a settlement with Wells Fargo & Co. includes at least $15 million in restitution to Illinois 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. Madigan says the settlement announced in Washington today settles the 2009 lawsuit she filed over Wells Fargo's lending practices. She says at least 3,300 Illinois borrowers are believed to be victims; some were steered into subprime mortgages, while others were charged higher fees than white borrowers. Madigan says the settlement holds Wells Fargo accountable and requires the bank to ``help revitalize the same communities it helped to destroyed.''

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