Wells Fargo in talks with government to resolve mortgage fraud case

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Wells Fargo in talks with government to resolve mortgage fraud case

Wells Fargo in talks with government to resolve mortgage fraud case

Resolve this and there is another one lurking around the corner…So resolve this!


The State-

Wells Fargo said Wednesday it is in discussions with the U.S. government to possibly resolve a 2-year-old mortgage fraud case.

The government filed the civil lawsuit in 2012 against the San Francisco-based lender, accusing it of “reckless” origination of government-backed home loans.

From 2001 to 2005, Wells certified that more than 100,000 loans met the U.S. Department of Housing and Urban Development’s origination and underwriting requirements, even though the bank knew a large percentage of them were not eligible for federal insurance, the lawsuit said.

When the loans went into default, the Federal Housing Administration was required to pay hundreds of millions of dollars in insurance claims for loans that did not qualify for federal insurance, the government claimed, among other things.

Read more here: THE STATE

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