Wells Fargo & Co (WFC.N)
admitted to deceiving the U.S. government into insuring thousands of
risky mortgages, as it formally reached a record $1.2 billion settlement
of a U.S. Department of Justice lawsuit.
The settlement with Wells Fargo, the largest U.S. mortgage lender and
third-largest U.S. bank by assets, was filed on Friday in Manhattan
federal court. It also resolves claims against Kurt Lofrano, a former
Wells Fargo vice president.
According to the settlement, Wells Fargo “admits, acknowledges, and
accepts responsibility” for having from 2001 to 2008 falsely certified
that many of its home loans qualified for Federal Housing Administration
insurance. MORE
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