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U.S. Sues Wells Fargo, Accusing It of Lying About Mortgages

By tovarichpeter   Follow   Tue, 9 Oct 2012, 7:27pm   692 views   3 comments
In South San Francisco CA 94080   Watch (0)   Share   Quote   Permalink   Like (1)   Dislike  

http://dealbook.nytimes.com/2012/10/09/u-s-sues-wells-fargo-alleging-mortgage-deceit/?ref=business

United States prosecutors sued Wells Fargo on Tuesday, accusing it of lying about the quality of the mortgages it handled under a federal housing program. It was the latest in a series of lawsuits related to banks’ lending practices during the housing boom. In a lawsuit filed in Federal District Court in Manhattan, the prosecutors accused Wells Fargo, the country’s largest originator of home loans, of defrauding the government for more than a decade. The bank recklessly issued mortgages and then made false certifications about their condition to the Federal Housing Authority, a government agency that insured them, the complaint...

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1. Stepheng.bishop Follow Befriend 30 comments

   1   8:33pm Wed 10 Oct 2012   Share   Quote   Permalink   Like   Dislike   Well, it's about damned time!! Many more to go.

2. E-man Follow Befriend (31) 34 threads 2,554 comments San Jose, CA Premium

   2   9:47pm Wed 10 Oct 2012   Share   Quote   Permalink   Like   Dislike   Interesting that this lawsuit didn't do much to the price of WFC stock.

3. Goran_K Follow Befriend (4) 25 threads 1,523 comments Laguna Beach, CA Premium

   3   10:03pm Wed 10 Oct 2012   Share   Quote   Permalink   Like   Dislike   Alright. Finally. No more "foreclosure victims" getting $600,000 mortgages 2-3 years after squatting?