Wells Fargo has agreed to pay a $2.09 billion penalty for allegedly misrepresenting the quality of loans used for mortgage-backed securities between 2005 and 2007. Federal officials allege that the bank loosened borrowers’ income requirements on some of its loans in a move to ramp up its subprime mortgage lending. As a result, the U.S. Justice Department said investors suffered billions of dollars in losses from investing in residential mortgage-backed securities (RMBS) containing loans originated […]
source https://therealdeal.com/miami/2018/08/01/wells-fargo-agrees-to-2b-fine-to-settle-financial-crisis-era-allegations/#new_tab
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