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On July 12, 2012, the United States filed a complaint and proposed consent order in United States v. Wells Fargo Bank, NA (D.D.C.). The complaint alleges that Wells Fargo engaged in a pattern or practice of discrimination against qualified African-American and Hispanic borrowers in its mortgage lending from 2004 through 2009. The complaint alleges that Wells Fargo discriminated by steering approximately 4,000 African-American and Hispanic wholesale borrowers, as well as additional retail borrowers, into subprime mortgages when non-Hispanic white borrowers with similar credit profiles received prime loans. All the borrowers who were allegedly discriminated against were qualified for Wells Fargo mortgage loans according to Well Fargo's own underwriting criteria.

The United States also alleges that, between 2004 and 2009, Wells Fargo discriminated by charging approximately 30,000 African-American and Hispanic wholesale borrowers higher fees and rates than non-Hispanic white borrowers because of their race or national origin rather than the borrowers' credit worthiness or other objective criteria related to borrower risk.

The consent order provides $125 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. Wells Fargo will also provide $50 million in direct down payment assistance to borrowers in communities around the country where the department identified large numbers of discrimination victims and which were hard hit by the housing crisis. Additionally, pursuant to the Consent Order, Wells Fargo conducted an internal review, pursuant to the parties' agreed-upon statistical methodology and process, to determine whether there were any African-American and Hispanic subprime retail borrowers who arguably might have qualified for prime loans. Pursuant to this review, Wells Fargo will provide $59.3 million to 3,990 African-American and Hispanic retail subprime borrowers. This brings the total monetary compensation obtained under the settlement to $234.3 million.

Current Status & Important Dates

The District Court for the District of Columbia entered the Consent Order on September 20, 2012.

On December 19, 2012, the United States filed a notice informing the court that Wells Fargo had completed its internal review and had identified 3,990 African-American and Hispanic retail subprime borrowers who may have qualified for prime loans. Under the notice, Wells Fargo will provide an average of $14,850 per borrower for a total of $59,251,500 in compensation to retail borrowers. This amount is in addition to the $125 million compensation to wholesale borrowers.

On April 25, 2013, Independent Settlement Administrator Epiq Class Action & Claims Solutions, Inc. began mailing letters to borrowers whom the United States has identified as entitled to payments from the Wells Fargo lending discrimination settlement fund. The letters notify recipients that they have been identified as victims, list the minimum payments they can receive, and include response forms.

On November 25, 2013, the participation period ended for eligible victims to choose to participate in the settlement.

In early 2014, the Settlement Administrator mailed a letter with the exact payment amount and a release form to those who returned the participation form by the deadline. The Independent Settlement Administrator will mail checks on a rolling basis, upon receipt of a valid, signed release form.

Questions about this settlement?

For more information about this settlement, please visit http://www.wellsfargodojconsentorder.com, call 1-866-329-5282, or send an email to info@WellsFargoDOJConsentOrder.com.

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El 12 de julio del 2012, los Estados Unidos presentó una demanda y un acuerdo conciliatorio propuesto en United States v. Wells Fargo Bank, NA (D.D.C). La demanda alega que Wells Fargo exhibió un patrón o pràctica de discriminación a prestatarios afroestadounidenses e hispanos en su otorgamiento de préstamos hipotecarios entre el 2004 y el 2009. La demanda alega que Wells Fargo discriminó al orientar a aproximadamente 4,000 prestatarios mayoristas afroestadounidenses e hispanos, así como prestatarios minoristas adicionales, hacia hipotecas subpreferenciales ("subprime"), cuando prestatarios de raza blanca no hispanos con perfiles de crédito similares recibieron préstamos preferenciales ("prime"). Todos los prestatarios objeto de la discriminación alegada cumplían los requisitos para hipotecas de Wells Fargo de acuerdo con los propios criterios de suscripción de Wells Fargo.

Asimismo, los Estados Unidos alega que entre el 2004 y el 2009, Wells Fargo cometió un acto de discriminación al cobrarles a aproximadamente 30,000 prestatarios mayoristas afroestadounidenses e hispanos cargos y tasas màs altos que a prestatarios blancos no hispanos debido a su raza u origen nacional, en lugar de la solvencia de los prestatarios y otros criterios objetivos asociados al riesgo crediticio del prestatario.

El acuerdo conciliatorio provee $125 millones en compensación para prestatarios mayoristas que fueron orientados hacia hipotecas de tipo subpreferenciales ("subprime") o pagaron cargos y tasas màs altos que prestatarios de raza blanca, debido a su raza u origen nacional. Wells Fargo también proveerà $50 millones en asistencia directa para pagos iniciales a prestatarios en comunidades de todo el país, en lugares donde el departamento identificó grandes cantidades de víctimas de discriminación y que fueron fuertemente golpeados por la crisis de vivienda. Asimismo, Wells Fargo en conformidad con las pautas del acuerdo conciliatorio, llevó a cabo una revisión interna, basada en una metodología de estadísticas la cual fue aprobada por ambas partes, para determinar si habían prestatarios minoristas afroestadounidenses e hispanos que se puedan considerar como que hubieran podido calificar para préstamos de tipo preferenciales ("prime"). Conforme a esa revisión, Wells Fargo pagarà $59.3 millones a 3,990 prestatarios minoristas afroestadounidenses e hispanos. Esto trae el monto total de compensación obtenida bajo el acuerdo conciliatorio a $234.3 millones.

Estatus actual y fechas importantes

El 19 de diciembre del 2012, los Estados Unidos radicó un aviso informàndole a la corte que Wells Fargo ha completado su revisión interna y ha identificado a 3,990 prestatarios minoristas afroestadounidenses e hispanos de préstamos subpreferenciales ("subprime") que pueden haber calificado para préstamos preferenciales ("prime"). Bajo el aviso, Wells Fargo proveerà un promedio de $14,850 por prestatario para un monto de $59,251,500 en compensación a prestatarios minoristas. Esta cantidad es por encima de los $125 millones en compensación a prestatarios mayoristas.

La Corte de Distrito Federal para el Distrito de Columbia aprobó el acuerdo conciliatorio el 20 de septiembre del 2012.

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Updated August 6, 2015