U.S. government sues Wells Fargo, claiming civil mortgage fraud
- 6,320 loans reportedly had problems, but Wells Fargo never told the Federal Housing Administration, which insured the loans. The loans eventually failed, leaving the federal government on the hook.
- $190M the amount these loans ended up costing the United States after the financial crisis hit; now the government is suing, saying Wells Fargo didn’t report issues even after the quality-review department flagged them for issues. source
October 10, 2012 // 9:18 // 1 year ago