Wells Fargo Home Mortgage has agreed to pay New Jersey $3.98 million and 900 residents $67 million in loan modifications over claims subsidiaries deceptively marketed adjustable-rate mortgages. The agreement ends a state investigation into whether "Pick-a-Payment" mortgages violated the Consumer Fraud Act by touting their low monthly payment options without warning borrowers that the minimum payment option often failed to cover the interest on the loan, resulting in an increase in the loan's principal balance.
October 12, 2010 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Wells Fargo Home Mortgage agreed Wednesday to pay New Jersey $3.98 million and 900 residents $67 million in loan modifications over claims subsidiaries deceptively marketed adjustable-rate mortgages.
The agreement ends a state investigation into whether some mortgages sold by Wachovia Corp., Golden West and World Savings violated the Consumer Fraud Act.
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