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US files suit against Wells Fargo

Oct 12, 2012

http://www.dailyfinance.com/2012/10/09/us-files-civil-mortgage-fraud-lawsuit-against-wells-fargo/

The complaint, brought by the U.S. Attorney in Manhattan, seeks damages and civil penalties from Wells Fargo for more than 10 years of alleged misconduct related to government-insured Federal Housing Administration loans.

The lawsuit alleges the FHA paid hundreds of millions of dollars on insurance claims on thousands of defaulted mortgages as a result of false certifications by Wells Fargo, the fourth-biggest U.S. bank as measured in assets.

The bank denied the allegations ....

No doubt this will end as the others have ended. The bank will pay a fine in exchange for not admitting that they did anything illegal.


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