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The largest home mortgage lender in the Untied States, Wells Fargo, is being accused of discrimination.
CNN reports.

“Wells Fargo’s lending practices are reportedly under the microscope of the Justice Department. Huffington Post says the bank is the target of a new probe for allegedly taking advantage of African American borrowers steering them into high cost sub-prime loans.”

Baltimore’s city solicitor, George NIlson, says he is hugely disappointed in the bank. He tells The Huffington Post,

"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... It's offensive behavior and we shouldn't tolerate it."

Wells Fargo has not responded to the DOJ’s allegations, but a spokesperson for the bank says they don’t discriminate.

"We have a very strong commitment to serving all customers along the credit spectrum, and we do so without bias. That's the type of responsible lending that we practice."

--And this controversy just a week after the bank shelled out big bucks in a settlement for allegedly leading borrowers into bad loans.

“Wells Fargo has agreed to pay 85 million dollars to settle charges they engaged in predatory lending. that  is the biggest fine ever imposed in such a case. Federal Investigators say the nations largest mortgage lender falsified loan documents and pushed borrowers toward dangerous sub-prime mortgages during the housing boom.”

The bank neither admitted nor denied any wrongdoing, but part of that settlement requires Wells Fargo to compensate affected borrowers. ABC reports


“The Federal Reserve estimates up to 10,000 borrowers might be eligible for compensation ranging from 1000 to  20000 dollars, but they had to have taken out their loans between 2004 and 2008.”


Wells Fargo is currently negotiating to settle both federal and state accusations. Billions of dollars are at stake.

Transcript by Newsy.