Press Conference Announcing Wells Fargo Settlement
June 13, 2012
Deputy Attorney General James Cole, along with Assistant Attorney General Tom Perez, Illinois U.S Attorney Lisa Madigan, and Comptroller of Currency Tom Curry announced a $175 million settlement with Wells Fargo for its illegal and discriminatory mortgage lending practices against African-Americans and Latinos.
Madigan, U.S. DOJ Reach $175 Million Settlement With Wells Fargo Over Discriminatory Lending
Speeches: Deputy Attorney General James M. Cole Speaks at the Wells Fargo Press Conference
Assistant Attorney General Thomas E. Perez Speaks at the Wells Fargo Press Conference
Comptroller Statement Regarding Wells Fargo Fair Lending Settlement
Deputy Attorney General James M. Cole announces a $175 million settlement with Wells Fargo for steering and pricing discrimination in its wholesale mortgage lending.Photo Credit: Lonnie Tague for the Department of JusticeDeputy Attorney General Cole was joined by Assistant Attorney General for Civil Rights Tom Perez, Illinois U.S. Attorney Lisa Madigan, and Comptroller of Currency Tom Curry.
Tom Curry, Comptroller of Currency, was a partner with his office in the investigation and final enforcement of fair lending laws concerning Wells Fargo.Photo Credit: Lonnie Tague for the Department of Justice-
Illinois Attorney General Lisa Madigan filed a lawsuit against Wells Fargo in 2209 for its alleged illegal and discriminatory lending practices against African American and Latino homeowners. The settlement provides for at least $15 million in restitution to Illinois borrowers whose loans were originated between 2004 and 2009.Photo Credit: Lonnie Tague for the Department of Justice -
Deputy Attorney General Cole discusses the investigation and terms of the settlement with Wells Fargo, and ensures that financial institutions will be held accountable for lending discrimination such as this.Photo Credit: Lonnie Tague for the Department of Justice"As a result of this work, we are sending an unmistakable message: that this Justice Department will use every authority, tool, and resource at our disposal to ensure fair access to credit for all; to enforce essential consumer protections; and to safeguard the rights, and best interests, of every American." -
Assistant Attorney General Tom Perez discusses Wells Fargo's illegal lending practices, and how the Department intends to work with the banking giant to provide restitution to borrowers who were wronged as a result.Photo Credit: Lonnie Tague for the Department of Justice
