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Wells Fargo settles mortgage-abuse case for $85M


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Wells Fargo settles mortgage-abuse case for $85M

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WASHINGTON (AP) -- Wells Fargo & Co. is paying $85 million to settle civil charges that it falsified loan documents and pushed borrowers toward subprime mortgages with higher interest rates.
The Federal Reserve says the fine is the largest it has ever imposed in a consumer-enforcement case.
Wells Fargo neither admitted nor denied wrongdoing as part of the settlement. The bank agreed to compensate borrowers who were steered into higher-priced loans or whose income was exaggerated.
The Fed alleges Wells Fargo inflated borrowers' incomes on loan documents to qualify for mortgages they otherwise couldn't afford from 2004 until 2008. The central banks says Wells Fargo sales personnel also pushed borrowers toward higher-interest, subprime loans, even though they were eligible for lower-interest mortgages.

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Last Updated on July 20, 2011


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