Wells Fargo branch in San Francisco. Credit: Mike Scarcella/ ALM
Investors in residential mortgage-backed securities incurred billions in losses as a result of the bank's conduct, according to a statement from the U.S. District Attorney's Office for the Northern District of California.
August 01, 2018 at 03:52 PM
1 minute read
Wells Fargo Bank will pay a $2 billion civil penalty to settle claims that its home mortgages contained misstated information in violation of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, federal prosecutors in California announced Wednesday.
Investors in residential mortgage-backed securities incurred billions in losses as a result of the bank’s conduct, according to a statement from the U.S. District Attorney’s Office for the Northern District of California.
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