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Economy and Business

Wells-Fargo settlement could bring Cleveland $6 million
Lender allegedly engaged in discriminatory lending from 2004 to 2009

Kabir Bhatia
In The Region:
Cleveland could be getting more than $6 million in a settlement announced Thursday over accusations that Wells-Fargo discriminated against some minority home buyers. WKSU’s Kabir Bhatia has more.
Wells-Fargo settlement could bring Cleveland $6 million

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The Justice Department says Wells-Fargo engaged in a pattern of discriminatory lending from 2004 through 2009 that led more than 4,000 African-American and Hispanic borrowers in Cleveland into subprime mortgages. Wells-Fargo gave white borrowers with similar credit profiles lower-interest, prime loans.

U.S. Attorney Steve Dettelbach says Cleveland is sharing the $50 million settlement with seven other metro areas nationally hardest hit by the foreclosure crisis.

“One of the things it’s going to be used for is down-payment assistance for people, so that they can move back into some of these devastated neighborhoods. Also to allow people whose neighborhoods were devastated as a whole, to tap into the money to make home improvements to make those places better places to live.”

Another settlement, for $125 million, will be distributed directly to 34,000 African-American and Hispanic home owners nationwide.

Cleveland had previously sued Wells Fargo, and 20 other major investment banks, saying that over three years ending in early 2008, more than 80 percent of all foreclosures in the city involved subprime mortgages. That suit was dismissed by federal Judge Sarah Lioi in 2009.
Listener Comments:

Do I qualify after losing house in bankruptcy? Real estate agents (not me) got lender to give them $95,000 for a house not worth that amount I had to pay mortgage for. The basement kept filling with three feet it more of water. Roof leaked. Back yard kept flooding. House was in disrepair I couldn't afford so lost house in bankruptcy. Does this qualify under your program?

Posted by: Michael McAdams (cleveland, ohio) on August 5, 2012 7:08AM
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