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Saturday, November 3, 2012

US files civil mortgage fraud lawsuit against Wells Fargo & Co


US files civil mortgage fraud lawsuit against Wells Fargo & Co

12 October 2012

Press TV - 10/10/12
The United States government has filed a civil lawsuit against Wells Fargo & Co., accusing it of defrauding a mortgage insurance program of hundreds of millions of dollars by improperly underwriting over 100,000 home loans.

Protesters hold signs during a demonstration outside of a Wells Fargo shareholders meeting in San Francisco, California. (File photo

Tuesday’s civil lawsuit is a latest in a series of legal actions Washington has planned to take against big banks and other financial institutions for their improper lending during the housing boom that caused the housing market collapse in 2008.
 
The lawsuit, the US Attorney in Manhattan and the US Department of Housing and Urban Development (HUD), seeks damages and civil penalties for misconduct related to government-insured Federal Housing Administration (FHA) loans of hundreds of millions of dollars over more than a decade.

To read the rest of this story, visit PressTV.ir.
http://soundofheart.org/galacticfreepress/content/us-files-civil-mortgage-fraud-lawsuit-against-wells-fargo-co

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