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Stern Advice - Will the Wells Fargo settlement affect your mortgage?

Wells Fargo & Co agreed to pay $175 million to resolve allegations by the U.S. Justice Department that it discriminated against qualified African-American and Hispanic borrowers in its mortgage lending.

At the same time, the bank said it would stop making loans through mortgage brokers, who the government said submitted loans to Wells Fargo that had varied interest rates, fees and costs based only on race and not correlated to the borrowers' creditworthiness...

 

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