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Wells Fargo to pay US$2.1b fine to settle US mortgage probe: DOJ

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Wells Fargo will pay US$2.1 billion to settle US charges it misrepresented the quality of home loans used in securities that led to 2008 financial crisis, the Justice Department announced Wednesday.

[NEW YORK] Wells Fargo will pay US$2.1 billion to settle US charges it misrepresented the quality of home loans used in securities that led to 2008 financial crisis, the Justice Department announced Wednesday.

Wells Fargo originated and sold mortgage loans that it knew contained incorrect income information, warranting a civil penalty, the Justice Department said in a statement. Wells Fargo agreed to settle the charges without admitting liability, the government said.

AFP

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