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Wells’ Record FHA Settlement; Rates Holding Near 3-year Low

Wells’ Record FHA Settlement; Rates Holding Near 3-year Low

Reuters is reporting that Wells Fargo & Co has agreed to pay a record $1.2 billion to resolve a dispute with the Justice Department over mortgages it falsely claimed were eligible for Federal Housing Administration (FHA) insurance. The settlement in the case U.S. v. Wells Fargo Bank NA, U.S. District Court, Southern District of New York, also resolves claims against a former Wells Fargo vice president, Kurt Lofrano and a federal probe in California of loan originations by American Mortgage Network LLC, which Wells Fargo bought in 2009. Reuters says that in court papers filed with the Manhattan federal court the company "admits, acknowledges, and accepts responsibility" for falsely certifying that thousands of the home loans it originated during a period extending from 2001 to 2008 qualified
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