Wells Fargo Said to Face HUD Scrutiny on Fair Lending
This article is for subscribers only.
Wells Fargo & Co., the largest U.S. mortgage lender, faces a U.S. probe over claims that it neglects bank-owned homes in minority communities, according to a person briefed on the matter.
The U.S. Department of Housing and Urban Development is examining allegations that the San Francisco-based bank violated fair-lending laws, said the person, who asked not to be identified because the review isn’t public. If the agency finds violations and can’t reach an agreement to have the bank remedy them, the matter may be transferred to the Department of Justice, the person said.