News
News Home
Quick Bites
Exploradio
News Archive
News Channel
Special Features
NPR
nowplaying
On AirNewsClassical
Loading...
  
School Closings
WKSU Support
Funding for WKSU is made possible in part through support from the following businesses and organizations.

Metro RTA

Knight Foundation

Northeast Ohio Medical University


For more information on how your company or organization can support WKSU, download the WKSU Media Kit.

(WKSU Media Kit PDF icon )


Donate Your Vehicle to WKSU

Programs Schedule Make A Pledge Member BenefitsFAQ/HelpContact Us
Economy and Business


Wells-Fargo settlement could bring Cleveland $6 million
Lender allegedly engaged in discriminatory lending from 2004 to 2009
by WKSU's KABIR BHATIA


Reporter
Kabir Bhatia
 
In The Region:
Cleveland could be getting more than $6 million in a settlement announced Thursday over accusations that Wells-Fargo discriminated against some minority home buyers. WKSU’s Kabir Bhatia has more.
Wells-Fargo settlement could bring Cleveland $6 million

Other options:
Windows Media / MP3 Download (1:11)


The Justice Department says Wells-Fargo engaged in a pattern of discriminatory lending from 2004 through 2009 that led more than 4,000 African-American and Hispanic borrowers in Cleveland into subprime mortgages. Wells-Fargo gave white borrowers with similar credit profiles lower-interest, prime loans.

U.S. Attorney Steve Dettelbach says Cleveland is sharing the $50 million settlement with seven other metro areas nationally hardest hit by the foreclosure crisis.

“One of the things it’s going to be used for is down-payment assistance for people, so that they can move back into some of these devastated neighborhoods. Also to allow people whose neighborhoods were devastated as a whole, to tap into the money to make home improvements to make those places better places to live.”

Another settlement, for $125 million, will be distributed directly to 34,000 African-American and Hispanic home owners nationwide.

Cleveland had previously sued Wells Fargo, and 20 other major investment banks, saying that over three years ending in early 2008, more than 80 percent of all foreclosures in the city involved subprime mortgages. That suit was dismissed by federal Judge Sarah Lioi in 2009.
Listener Comments:

Do I qualify after losing house in bankruptcy? Real estate agents (not me) got lender to give them $95,000 for a house not worth that amount I had to pay mortgage for. The basement kept filling with three feet it more of water. Roof leaked. Back yard kept flooding. House was in disrepair I couldn't afford so lost house in bankruptcy. Does this qualify under your program?


Posted by: Michael McAdams (cleveland, ohio) on August 5, 2012 7:08AM
Add Your Comment
Name:

Location:

E-mail: (not published, only used to contact you about your comment)


Comments:




 
Page Options

Print this page

E-Mail this page / Send mp3

Share on Facebook




Stories with Recent Comments

Portman predicts McDonald's confirmation, but says it won't be easy
I sent the following note to Senator Blumenthal after reading commentary from yesterday's hearing: Senator, You certainly have the right to ask Mr. McDonald que...

Seven minutes changed everything, but what changed Ashford Thompson?
He shot the guy four times in the head. I have never been that drunk or mad, and I have been through it. Shoot a guy once is bad, maybe a mistake, shoot a guy f...

First cricket farm in the U.S. opens in Youngstown
I am interested in cricket flour to replace soy flour in a low carbohydrate diet. As soon as you have cricket flour available for the average person, please le...

New process starts digesting sludge in Wooster
Awesome! When do our sewage rates decrease accordingly?

Akron's Chapel Hill Mall in foreclosure
Not a surprise. Between the shoplifting, gangs and violence that goes on up there it is no wonder that no one feels safe to shop at Chapel Hill. They have sca...

Ohio launches investigation into at least one Concept charter school
I worked at Noble Academy Cleveland as admin assistant and enrolment coordinator for 6 years, I know this is so valid and true and can provide staff names and p...

Crisis looms in filling aviation industry jobs in Ohio and the nation
I listened to this story yesterday morning on the radio and just want to add this comment. My son went to school to train as an air traffic controller, and gra...

Cuyahoga Valley National Park considers fire to fight invasives
I'm for the controlled burn. There are not enough people (myself included) who volunteer for the removal of invasive plant species. Therefore, another solution ...

Copyright © 2014 WKSU Public Radio, All Rights Reserved.

 
In Partnership With:

NPR PRI Kent State University

listen in windows media format listen in realplayer format Car Talk Hosts: Tom & Ray Magliozzi Fresh Air Host: Terry Gross A Service of Kent State University 89.7 WKSU | NPR.Classical.Other smart stuff. NPR Senior Correspondent: Noah Adams Living on Earth Host: Steve Curwood 89.7 WKSU | NPR.Classical.Other smart stuff. A Service of Kent State University