Illinois homeowners who were taken advantage of by Wells Fargo's lending practices can expect a check in the mail. At least 33-hundred Illinois borrowers were victims of discriminatory lending practices by the bank. Depending on their individual circumstances, each victim will receive between two thousand and 15-thousand dollars.
The settlement resolves allegations that Wells Fargo and its brokers steered African-American and Latino borrowers into risky subprime loans more often than white borrowers. The bank also allegedly charged minority borrowers more for their loans during the nation's housing boom. Attorney General Lisa Madigan says Wells Fargo's discriminatory lending practices helped destroy a generation of wealth in African-American and Latino communities in the Chicago metro area. The settlement requires Wells Fargo to invest in and help revitalize those communities.