Wednesday, July 20, 2011

Wells Fargo Pays Record Civil Penalty

Wells Fargo's paying $85 million to settle a civil suit claiming they falsified loan documents and pushed borrowers toward subprime mortgages with higher interest rates. The Fed says this is the biggest fine every in a consumer-enforcement case. According to KCCI, the Fed alleges Wells Fargo inflated borrowers' incomes on loan documents to qualify for mortgages they otherwise couldn't afford from 2004 until 2008

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