Wells Fargo paid $184.3 million for steering minority borrowers into subprime loans

Evidence

In 2012 the Department of Justice settled with Wells Fargo. “The Department of Justice today filed the second largest fair lending settlement in the department’s history to resolve allegations that Wells Fargo Bank, the largest residential home mortgage originator in the United States, engaged in a pattern or practice of discrimination against qualified African-American and Hispanic borrowers in its mortgage lending from 2004 through 2009. The settlement provides $184.3 million in compensation for wholesale borrowers who were steered into subprime mortgages or who paid higher fees and rates than white borrowers because of their race or national origin.” — Dorothy A. Brown, Getting to Reparations, 1192