Wells Fargo to pay $2.1 billion fine over mortgage loans
Wells Fargo has agreed to pay $2.09 billion in penalty to settle claims related to mortgage loans originated in the run-up to the financial crisis.
The civil fine is for alleged origination and sale of residential mortgage loans that the lender knew contained misstated income information and did not meet the quality that Wells Fargo represented, the U.S. Department of Justice said in a statement Wednesday.
"Today's agreement holds Wells Fargo responsible for originating and selling tens of thousands of loans that were packaged into securities and subsequently defaulted," said Alex Tse, acting U.S. attorney in San Francisco.
The loans in question included subprime and other relatively risky home loans.
https://www.msn.com/en-us/money/companies/wells-fargo-to-pay-dollar21-billion-fine-over-mortgage-loans/ar-BBLn32D?li=BBnbfcN
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