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Philadelphia Minority Homebuyers To Get Piece Of Large Predatory Lending Settlement

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(File photo by Justin Sullivan/ Getty Images)

(File photo by Justin Sullivan/ Getty Images)

Gregg_Cherrie--NEW Cherri Gregg
Cherri Gregg is the community affairs reporter for KYW Newsr...
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By Cherri Gregg

PHILADELPHIA (CBS) — Hundreds of minority homebuyers in Philadelphia are being notified that they’ll soon get a piece of a multi-million dollar predatory lending settlement from Wells Fargo.

The Pennsylvania Human Relations Commission recently sent notices to more than 1,000 Philadelphia-area borrowers who took out subprime loans from Wells Fargo between 2004 and 2009. These homebuyers will receive part of the $3.2 million settlement, increased from an earlier figure of $2 million.

“The only thing that matters when someone is looking for a home is their financial qualifications,” says Shannon Powers, spokesperson for the Pennsylvania Human Relations Commission. She says the millions coming to Philadelphia borrowers in the result of allegations stemming from a 2010 investigation by the Pennsylvania Human Relations Commission. Powers says the settlement is part of the larger multi-state, $175 million deal announced last year.

“Statistics that showed where areas that were populated primary by Blacks and Hispanics were targeted by these unfair loans,” she says.

Wells Fargo has denied the allegations.

Powers says most borrowers who qualify for part of the settlement have been contacted, but if you missed your notification there’s still time to opt in.

More information, including copies of the notice in English and Spanish, go to www.phrc.state.pa.us.

If you think you qualify, but have not been contacted, call the Commission Fair Housing Hotline at 1-855-866-5718.

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