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This week, Wells Fargo agreed to pay $175 million to settle charges that it discriminated against thousands of blacks, Latinos, and other minority borrowers between 2004 and 2009. The Justice Department had accused Wells Fargo, the country’s largest mortgage lender, of charging minority borrowers higher interest rates and fees on home loans than it charged white borrowers with similar credit ratings.
Thomas Perez, an assistant attorney general at the department, slammed Wells Fargo for levying the equivalent of a “racial surtax.” People ”should be judged by the content of their creditworthiness and not the color of their skin,” he said.
