Wells Fargo to Settle Race Bias Case Involving Minorities in Riverside, Los Angeles, Ontario and San Bernardino

RIVERSIDE - Wells Fargo has agreed to pay at least $175 million to settle accusations that the company violated fair-lending laws by discriminating against minority borrowers in Riverside and elsewhere during the housing boom, the Justice Department announced today.

The settlement provides compensation for black and Latino borrowers in the cities Riverside, Los Angeles, Ontario and San Bernardino who were steered into subprime mortgages or who paid higher fees and rates than white borrowers because of their race or national origin.

Under the agreement, Wells Fargo -- the nation's largest mortg...