Wells Fargo & Co is suggested to be initiating toward a settlement of Baltimore's lawsuit accusing it of steering minority borrowers to expensive home loans.

Wells Fargo & Co Securities, the broker-dealer group of U. S. forth-biggest mortgage lender hired veteran strategist Kevin Jackson for its mortgage bond trading unit, a source familiar with the situation revealed on Thursday.

The bank seeks for a federal judge in Baltimore to extend the city's deadline to file an altered complaint by four weeks to April 9.

Following Wells Fargo request for the extension, lawyers for the San Francisco-based bank wrote on Thursday quoted, "so that it can meet with Baltimore to permit the parties to undertake substantive communications without the need for further litigation."

Many lenders have reported been imposed by accusations related to steering minorities to costly mortgages, known as reverse red-lining.

U. S. District Judge J. Frederick Motz in January reportedly annulled the city's suit, claiming it as implausible to connect Wells Fargo's practices with claimed damages.