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April 8, 2016

Posted  April 11, 2016

Wells Fargo agreed to pay $1.2 billion in connection with the bank’s improper mortgage lending practices.  As part of the settlement, Wells Fargo admitted that it certified loans ineligible for Federal Housing Administration Mortgage Insurance and that if failed to disclose thousands of faulty mortgage loans to HUD.  According to Manhattan US Attorney Preet Bharara, Wells Fargo “has been held responsible for years of reckless underwriting, while relying on government insurance to deal with the damage.”  DOJ