A Justice Department

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A Justice Department

Post by peggy1258 on Wed Jul 27, 2011 2:57 am

Wells Fargo is in the middle of negotiations to settle state and federal allegations that it mistreated borrowers and in some cases illegally foreclosed on them. It could cost the bank billions of dollars.

The Justice probe signals that the agency, after battling claims that it's been too easy on major mortgage firms in the wake of the financial crisis, may be toughening its approach. Its fair lending unit has about 60 open matters, Perez said in a June 1 speech. It currently has more than 15 ongoing investigations involving allegations of discriminatory lending.

A Justice Department spokeswoman declined to comment on the Wells Fargo investigation.

In an April 5 report to Congress, Perez's unit said that some of these investigations would lead to lawsuits or settlements this year.

"We're a majority African American community, and there are people in this city who take great offense when institutions take advantage of a community's historical lack of access to credit, and in some cases lack of sophistication, by putting them in loans they can't afford," said George Nilson, Baltimore's city solicitor. "It's offensive behavior and we shouldn't tolerate it."
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