Reuters: Financial Services and Real Estate: Wells Fargo spending $432 mln to end lending suit

Reuters: Financial Services and Real Estate Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Wells Fargo spending $432 mln to end lending suit May 29th 2012, 23:38 Tue May 29, 2012 7:38pm EDT May 29 (Reuters) - Wells Fargo & Co has promised $432.5 million in lending and other investments to end a lawsuit accusing the bank of discriminatory lending practices in Memphis, Tennessee. The fourth-largest bank by assets has set a five-year lending goal in Memphis and surrounding Shelby County of $425 million, including $125 million in home-purchase lending for low- and moderate-income borrowers, the bank said in a statement on Tuesday. Wells also agreed to contribute grants totaling $4.5 million for down payment assistance and home renovations under a company program that will start in the city later this year. The bank will also contribute $3 million toward local economic initiatives.

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