Posts tagged "Wells Fargo"

Lisa Madigan credits Reporter with initiating largest discriminatory lending settlements in U.S. history

Lisa Madigan credits Reporter with initiating largest discriminatory lending settlements in U.S. history
Journalism that is having its rightful impact. That’s what Illinois Attorney General Lisa Madigan called the work of The Chicago Reporter Thursday evening when she gave the publication credit for initiating the largest discriminatory lending settlements in the history of the United States. In a series of investigative stories, the Reporter uncovered that Countrywide Home... Read more »

Everything you want to know about the Reporter's investigations and the lawsuits they started

From the practice of redlining in the 1960s to predatory lending in the 2000s, racial disparities in housing have long played out in Chicago. And for much of that time, The Chicago Reporter has been there to dig up the dirt on why it’s happening and who is profiting from it. This timeline looks at... Read more »

Chicago Reporter's investigation leads to $175 million settlement with Wells Fargo for discriminatory lending practices

Chicago Reporter's investigation leads to $175 million settlement with Wells Fargo for discriminatory lending practices
It all started with our investigation. Back in 2007, The Chicago Reporter wrote a story about  discriminatory lending practices in Chicago. High-cost loans were being doled out in the city’s minority neighborhoods. Was it just coincidence, or were banks targeting communities of color for these expensive and complicated loans? Today, Illinois attorney general Lisa Madigan... Read more »
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Struggling IL homeowners, renters to get $20 million piece of big mortgage settlement pie

Struggling IL homeowners, renters to get $20 million piece of big mortgage settlement pie
Illinois Attorney General Lisa Madigan announced Wednesday that $20 million will make its way to statewide programs aimed at keeping folks in their homes and providing mortgage relief. That’s thanks to Madigan’s involvement in a national lawsuit against some of the country’s biggest lenders, which ended in a $26 billion settlement earlier this year–the second... Read more »

Happy birthday, Wells Fargo: older but wiser?

Happy birthday, Wells Fargo: older but wiser?
Protesters around the country came out Monday to wish Wells Fargo a happy 160th birthday, and to remind the San Francisco bank that getting older doesn’t mean they’re getting any wiser. “We went out there to let them know that we are going to bring attention to the fact that Wells Fargo still does not... Read more »

The Chicago Reporter's top 10 accomplishments of 2011

The Chicago Reporter's top 10 accomplishments of 2011
As The Chicago Reporter prepares to celebrate its 40th anniversary in 2012, the Reporter’s Interim Publisher Kimbriell Kelly reminds us about some of the magazine’s top accomplishments this year. Here is the count down. Illinois Attorney General Lisa Madigan credited a 2008 Chicago Reporter investigation for spurring a $335 million settlement over Countrywide’s discriminatory lending. The... Read more »
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Predatory lending, the mortgage meltdown and a $335 million settlement

Here’s yet another example of why investigative reporting matters. Today, Illinois Attorney General Lisa Madigan credited The Chicago Reporter for spurring a lawsuit that led to a $335 million settlement by Countrywide, a subsidiary of Bank of America, which deliberately steered well-heeled Latino and African-American homebuyers into subprime loans even though they qualified for better terms.... Read more »

Wells Fargo Bank deceived, but did it discriminate?

Wells Fargo Bank deceived, but did it discriminate?
Nearly 9,000 homeowners facing foreclosures will get help paying off their loans after they were allegedly swindled into high-cost mortgages by lender Wells Fargo Bank. But the hundreds of families who lost their homes because the same company charged them more interest based on the color of their skin are still waiting for justice. More... Read more »

Wells Fargo found guilty in the court of public opinion

A group of demonstrators declared Wells Fargo guilty of misusing $25 billion in federal government bailout money last Thursday during a rally outside the company’s corporate offices at 230 W. Monroe St. in downtown Chicago. “They got bailed out. We got sold out,” demonstrators chanted.
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Lisa Madigan drops another discrimination lawsuit on Wells Fargo

Last month, The Chicago Reporter raised the question: “If Baltimore sued Wells Fargo, why aren’t we?” Today, the Illinois Attorney General became the latest in a growing line of folks to charge the lending giant with discriminatory lending practices. After raising that question, the Reporter revealed that among the nation’s 10 largest lenders, black borrowers... Read more »