| 00:00:05 |
Unidentified Speaker, -
LENDING PRACTICES TO AFRICAN-AMERICANS AND HISPANICS. IT IS THE SECOND-LARGEST THEIR LENDING SETTLEMENT. JAMES COLE BRIEFED REPORTERS ABOUT THE DETAILS...
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| 00:00:36 |
Unidentified Speaker, -
STRUGGLING OR WORSE, AND TO SEEK JUSTICE AND RECOVER LOSSES FOR VICTIMS OF DISCRIMINATORY LENDING PRACTICES. TODAY THE THE PART OF JUSTICE REACHED A SIGNIFICANT...
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| 00:06:39 |
Unidentified Speaker, -
HONOR TO BE HERE TO DISCUSS THE DEPARTMENT'S SETTLEMENT WITH WELLS FARGO FOR STEERING AND PRICING DISCRIMINATION IN ITS WHOLESALE LENDING. I AM HONORED...
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| 00:19:06 |
Unidentified Speaker, -
I FILED AGAINST WELLS FARGO THREE YEARS AGO, FOR ILLEGALLY DISCRIMINATING AGAINST THOUSANDS OF ILLINOIS BORROWERS OF COLOR. THIS SENDS A CLEAR MESSAGE,...
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| 00:22:16 |
Unidentified Speaker, -
PROVIDE FAIR ACCESS TO CREDIT AND TREAT EVERY CUSTOMER FAIRLY. EVERY PERSON WHO APPLIES FOR AN LUNCHEON BE EVALUATED THE BASIS OF OBJECTIVE CREDIT FACTORS...
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| 00:24:08 |
Unidentified Speaker, -
HERE IS A STRONG THERE WAS A RACIAL SURTAX, WHY
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| 00:24:13 |
Unidentified Speaker, -
NOT PURSUE THIS CASE AND SETTLE IT? ARE THERE ANY STATES THAT ARE NOT PART OF THIS AGREEMENT? >> AS TO YOUR FIRST QUESTION, THERE ARE REAL PEOPLE AFFECTED,...
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| 00:24:34 |
Unidentified Speaker, -
TO PEOPLE. WHEN YOU HAVE PROTECTED LITIGATION THAT COULD TAKE YEARS, THERE IS MUTUAL LITIGATION RISK, AND OUR GOAL IS TO HELP PEOPLE AND TO COME TO...
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| 00:26:04 |
Unidentified Speaker, -
OF TIME FRAME DO YOU ANTICIPATE THAT MEDIATION WILL GET ON? >> WELLS IS RESPONSIBLE, NOT JUST WELLS, BUT ANY LENDER, WHO HAS A WHOLESALE AND/OR A RETAIL...
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| 00:26:24 |
Unidentified Speaker, -
RESPONSIBLE FOR THE CONDUCT OF PEOPLE WORKING UNDER THEIR SUPERVISION. THE COMPLAINT ALLEGES THAT INDIVIDUALS, ORIGINATORS, WHOLESALE OR RETAIL, WERE...
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| 00:28:09 |
Unidentified Speaker, -
12 MONTHS, THE TIME FRAME PUT FORTH IN THE
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| 00:28:12 |
Unidentified Speaker, -
AGREEMENT. >> FIRST FOR THE JUSTICE DEPARTMENT, IT SOUNDS LIKE THE CASE, YOU'RE TALKING
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| 00:28:23 |
Unidentified Speaker, -
ABOUT THE ROLES OF BROKERS. DID YOU FIND EVIDENCE BROKERS WERE INVOLVED, WITH INTENTIONAL DISCRIMINATION? FOR THE COMPTROLLER, THIS REFERRAL CAME IN...
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| 00:28:54 |
Unidentified Speaker, -
CONSTITUTED DISCRIMINATION. YOU WILL SEE IN THERE IN THE COMPLAINT THAT IS FILED, THERE ARE ALLEGATIONS THAT THE UNFETTERED DISCRETION AND INSUFFICIENTLY...
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| 00:29:52 |
Unidentified Speaker, -
ONLY ILLEGAL, BUT ALSO AS A BAD BANKING PRACTICE. IN TERMS OF FAIR LENDING, WE HAVE HAD A LONG STANDING PRACTICE THAT GOES WAY BACK PRIOR TO MY BECOMING...
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| 00:30:22 |
Unidentified Speaker, -
PRACTICES TO THIS EXTENT THAT AN INSTITUTION IS ENGAGING IN ILLEGAL CONDUCT. >> WITH THIS SETTLEMENT, WE ARE TAKING ACTION AGAINST THE TWO BIGGEST PLAYERS....
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| 00:30:40 |
Unidentified Speaker, -
WE HAVE OTHER INVESTIGATIONS PENDING BUT I CANNOT COMMENT ON THOSE ACTIVE INVESTIGATIONS. >> WE SETTLE
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| 00:30:48 |
Unidentified Speaker, -
THE CASE RECENTLY WITH SUNTRUST WHICH IS NOW THE THIRD LARGEST FAIR LENDING SUPPLEMENT WE HAVE REACHED.
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| 00:30:55 |
Unidentified Speaker, -
THAT WAS $21 MILLION AND PRICING DISCRIMINATION. >> IT LOOKS LIKE THE SUPPLEMENT HAS KICKED DOWN THE ROAD THE QUESTION OF THE RETAIL ARM. COULD YOU EXPLAIN
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| 00:31:09 |
Unidentified Speaker, -
MORE THE STATUS OF WHAT YOU THINK HAPPENED THERE AND WHAT THEY SAY HAPPENED AND HOW YOU WILL RESOLVE THAT ASPECT? >> THE QUESTION RELATING TO WHERE WE...
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| 00:31:25 |
Unidentified Speaker, -
PROCESS THAT WE WILL BE UNDERTAKING JOINTLY WITH WELLS FARGO AS PART OF THE INTERNAL COMPLIANCE MONITORING. IT IS DESIGNED TO LOOK AT THE TIME FRAME...
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| 00:32:35 |
Unidentified Speaker, -
YOU WERE THERE ON MONDAY WONDERING HOW YOU THINK YOUR ATTORNEYS ARE DOING. CAN YOU EXPLAIN OUR SUMMARIZE WHY THIS CASE IS SO IMPORTANT? >>
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| 00:32:46 |
Unidentified Speaker, -
THE CASE IS PENDING AND IT IS REALLY INAPPROPRIATE FOR ME TO COMMENT DURING A PENDING CASE. OUR PLEADINGS WILL CONTINUE TO DO
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| 00:32:56 |
Unidentified Speaker, -
THE TALKING FOR US. IT IS MY UNDERSTANDING CLOSING ARGUMENTS WILL OCCUR TOMORROW AND THE CASE WILL BE SUBMITTED TO THE COURT. WE WILL CONTINUE TO VIGOROUSLY...
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| 00:33:18 |
Unidentified Speaker, -
NOT MET THEIR BURDEN OF ESTABLISHING THE ABSENCE OF
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| 00:33:22 |
Unidentified Speaker, -
DISCRIMINATORY PURPOSE AND DISCRIMINATORY INTENT. THAT IS WHAT THE TRIAL IS ABOUT. THE BURDEN IS ON THE STATE. WE ARE PRESENTING OUR CASE AND THE STATE...
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| 00:33:47 |
Unidentified Speaker, -
SPEEDING UP WITH REGARDS TO THE GULF OF MEXICO
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| 00:33:51 |
Unidentified Speaker, -
OIL SPILL OF 2010. CAN YOU CHARACTERIZE WHERE THOSE TALKS ARE? >> SHORT ANSWER, I CANNOT. IT IS A MATTER THAT IS CURRENTLY IN LITIGATION UNDER INVESTIGATION...
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| 00:34:10 |
Unidentified Speaker, -
ARE USED TO COVERING THE JUSTICE DEPARTMENT, WE DO NOT COMMENT ON MATTERS UNDER INVESTIGATION OR IN LITIGATION. >> [INAUDIBLE] >>
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| 00:34:24 |
Unidentified Speaker, -
HE HAS, INDICATING IT IS UNDER INVESTIGATION AND LITIGATION. >> IT IS
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| 00:34:33 |
Unidentified Speaker, -
UNDER INVESTIGATION AND LITIGATION. [LAUGHTER] >> THANK YOU ALL VERY MUCH. [CAPTIONING
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| 00:34:41 |
Unidentified Speaker, -
PERFORMED BY NATIONAL
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| 00:34:44 |
Unidentified Speaker, -
CAPTIONING INSTITUTE] [CAPTIONS COPYRIGHT NATIONAL CABLE SATELLITE CORP. 2012] >> WHEN YOU THINK
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.