Wells Fargo pays $1.2 bn to settle crisis-era mortgage claims

GMT 23:00 2016 Friday ,08 April

Arab Today, arab today Wells Fargo pays $1.2 bn to settle crisis-era mortgage claims

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New York - Arab Today

Wells Fargo will pay $1.2 billion to refund the US agencies for wrongly certifying bad loans for federal home insurance ahead of the 2008 housing bust, the Department of Justice announced Friday. 

The settlement resolves charges that Wells Fargo, a giant in the US mortgage lending, employed shoddy underwriting practices to drive up loan volume, leaving taxpayers to foot the bill when mortgages failed.

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