Wells Fargo To Pay $175 Million In Lending Dispute (WFC)
7-12-2012- Wells Fargo & Co. (NYSE:WFC) will have to pay $175 million over discriminating African Americans and Hispanics in its mortgage lending. There were allegations that Wells Fargo charged higher rates on mortgages for qualified African Americans and Hispanics from 2004 to 2009. When Wells Fargo violated fair lending laws, it is estimated that over 34,000 African Americans and Hispanics were paying higher rates based on the color of their skin.
Wells Fargo stock is currently trading down 0.83% today at $32.99 per share. The stock is still above its 50-day moving average of $32.31 and its 200-day moving average of $29.78.