Wells Fargo & Co. has agreed to pay a $2.1 billion fine to settle allegations it misrepresented the type of residential mortgage-backed securities (RMBS) it sold to investors during the housing bubble and ensuing financial crisis. The U.S. Department of Justice said the bank will pay the civil penalty for allegedly originating and selling tens of thousands of loans between 2005 and 2007 that it knew contained misstated income information and were below the quality Wells Fargo represented. Prosecutors…
from https://www.bizjournals.com/baltimore/news/2018/08/01/wells-fargo-to-pay-2-1b-for-misrepresenting.html?ana=RSS&s=article_search
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