8-7-12: It's the Principal of the Thing

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Norton-0807.mp3

Wells Fargo recently settled claims that it discriminated against African-American and Hispanic borrowers by steering them to subprime loans. Baltimore started that legal effort, and the settlement is expected to bring about $7.5 million to the city, and some cash compensation to about 1,000 homeowners here.

Much larger is the $25 billion settlement that five big banks signed in April with the U.S. Departments of Justice and Housing and Urban Development, about 30 state bank regulators, and the attorneys general of 49 states. 

As the settlement comes together, we check in again with Anne Balcer Norton, deputy commissioner for financial regulation with Maryland’s Department of Labor, Licensing and Regulation.

If you are a distressed mortgage holder in Maryland, and you're looking for help, you can call the MD HOPE hotline at 1-877-462-7555, or go to mdhope.org.

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A single point of contact for borrowers

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Watching out for scammers