Wells Fargo to Forgive $772 Million in Risky Home Loans

Wells Fargo to Forgive $772 Million in Risky Home Loans

Wells Fargo to Forgive $772 Million in Risky Home Loans

By DANNY KING Posted 6:00 PM 10/06/10

Homeowners struggling to repay adjustable-rate mortgages from Wachovia and World Savings Bank, subsidiaries of Wells Fargo (WFC), got some good news Wednesday. The company has agreed to pay $24 million to settle allegations of deceptive marketing about the risky loans from eight states and also to forgive more than $772 million in outstanding loan balances owed by more than 8,700 borrowers.The states’ probe was spurred by Wachovia’s so-called “Pick-A-Payment” adjustable-rate mortgages. Arizona Attorney General Terry Goddard, who led the investigation, said in a statement that Wachovia — which Wells Fargo acquired after the loans were granted — failed to sufficiently inform borrowers of the risks involved in such loan programs. Wells Fargo said it had already forgiven $3.4 billion in loans as of August.
.
See full article from DailyFinance: http://srph.it/cD47FQ
.
.

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Comments

comments

This post was written by:

- who has written 8607 posts on FORECLOSURE FRAUD | by DinSFLA.

CONTROL FRAUD | ‘If you don’t look; you don’t find, Wherever you look; you will find’ -William Black

Contact the author

One Response to “Wells Fargo to Forgive $772 Million in Risky Home Loans”

Trackbacks/Pingbacks

  1. […] This post was mentioned on Twitter by kim thomas, DinSFLA. DinSFLA said: Wells Fargo to Forgive $772 Million in Risky Home Loans http://goo.gl/fb/OcMqk […]


Leave a Reply

GARY DUBIN LAW OFFICES FORECLOSURE DEFENSE HAWAII and CALIFORNIA
Advertise your business on StopForeclosureFraud.com
Kenneth Eric Trent, www.ForeclosureDestroyer.com

Archives