Wells Fargo Pays $42M To Settle Race-Bias Housing Action

Law360, New York (June 6, 2013, 1:51 PM EDT) -- Wells Fargo & Co. has agreed to pay more than $42 million to settle allegations that it violated the federal Fair Housing Act by failing to adequately maintain and market foreclosed properties in minority areas, according to a deal announced Thursday.

The agreement stems from a complaint filed by the National Fair Housing Alliance with the U.S. Department of Housing and Urban Development, which accused Wells Fargo and its subsidiaries of neglecting “real estate owned,” or REO, properties in predominantly black, Hispanic and other nonwhite communities...
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