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Wells Fargo Accused of Predatory Lending in Chicago Area

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Wells Fargo & Co. targets black and Latino borrowers for more costly home loans than their white counterparts in the Chicago area, helping to prolong a local and national foreclosure crisis, the biggest county in Illinois said.

Cook County, which has a population of more than 5 million and includes the third-biggest U.S. city, accused the bank of engaging in predatory lending in a complaint filed yesterday in Chicago federal court, following similar efforts by municipal governments in Los Angeles and Miami.