Wells Fargo to pay $175M in lending settlement
Wells Fargo Bank will pay at least $175 million to settle accusations that it discriminated against African-American and Hispanic borrowers in violation of fair-lending laws, the Justice Department announced Thursday. Wells Fargo, the nation’s largest residential home mortgage originator, allegedly engaged in a pattern or practice of discrimination against qualified African-American and Hispanic [...]
Wells Fargo provided more SBA loans dollars to small businesses in Colorado than any other provider, according to information from the banking giant. In the first two quarters of 2012, Wells Fargo made 117 loans totaling nearly $35.8 million. “It’s a position we’ve held for a number of years,” said Cristie Drumm, Wells Fargo spokeswoman. [...]
Continue reading …Some small business owners say they are having an easier time getting credit now than in recent years. The result of having credit has helped them stay open, hire more people and expand services, according to a Wells Fargo-Gallup Small Business Index survey released this week. Since January, the number of small business owners who [...]
Continue reading …Wells Fargo & Co. gave nearly $3.7 million to 1,100 nonprofits in Colorado in 2011. It adds up to about $10,000 a day in giving to nonprofit organizations across the state, including organizations like The National Sports Center for the Disabled and the Anti-Defamation League’s “No Place for Hate,” Wells Fargo officials announced this week. [...]
Continue reading …Colorado is part of a $56.75 million multi-state settlement with Wells Fargo to settle allegations related to municipal bond derivatives. The suit alleges misconduct by people working at Wachovia, which Wells Fargo acquired in 2008, and says those people engaged in anti-competitive conduct in the municipal bond derivatives industry. The settlement is a component of [...]
Continue reading …Wells Fargo Community Assistance Fund will present $21,000 in grants to 16 Pikes Peak Region recipients this week. The recipients of the annual grants program were recently announced by Robert Gonzales Jr., Wells Fargo’s Community Banking president for Southern Colorado. “There are so many small, local, grassroots organizations that work tirelessly to help individuals and [...]
Continue reading …Banks might have increased their fees, but consumers aren’t paying them. A majority of consumers have managed to avoid paying fees, according to the American Bankers Association. An ABA survey found that 71 percent of bank customers don’t pay any fees, and 82 percent of customers pay $3 or less per month in fees for [...]
Continue reading …While the slow disappearance of reverse mortgages from major lenders’ portfolios isn’t a big job-killer, it could spell trouble for the 20-year-old financing option that senior citizens have been able to use to carry them through retirement. Bank of America pulled out of the reverse mortgage business a few weeks ago, and Wells Fargo recently [...]
Continue reading …Wells Fargo admits it made mistakes in 55,000 foreclosure cases and promises to fix them. The San Francisco-based company says it is plans to refile the documents by mid-November. The company describes the mistakes as technical and says it sees no need to halt the foreclosure process. “We don’t believe that there are instances in [...]
Continue reading …Wells Fargo & Co. does not plan to halt foreclosuresdespite an employee’s testimony that she signed up to 500 foreclosure documents daily without reading them. The employee of the San Francisco-based bank said in a deposition taken last March that she signed between 300 and 500 foreclosure documents per day, verifying only her name and title. [...]
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