Wells Fargo pays $175m fine

Wells Fargo yesterday agreed to pay $125m (£81m) to resolve allegations it discriminated against certain borrowers on the basis of race and national origin in its mortgage lending, the US government said yesterday. Wells Fargo also agreed to contribute $50m to help those buyers making down payments or improving their homes in some metropolitan areas around the country. The settlement, which needs approval from a judge, would end the investigation into whether the fourth-largest US bank between 2004 and 2009 knowingly targeted minorities for risky mortgages that came with higher costs, according to documents filed in the US District Court for the District of Columbia.