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This article is more than 3 year old.

Wells Fargo to pay $2.09 billion fine over loan quality, says Department of Justice

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The fine is for alleged origination and sale of residential mortgage loans that the lender knew contained misstated income information and did not meet the quality that Wells Fargo represented, the DoJ said in its statement.

Wells Fargo to pay $2.09 billion fine over loan quality, says Department of Justice
Wells Fargo will pay $2.09 billion in penalty for alleged misrepresentation of loan quality, the US Department of Justice said on Wednesday.
The fine is for alleged origination and sale of residential mortgage loans that the lender knew contained misstated income information and did not meet the quality that Wells Fargo represented, the DoJ said in its statement.
"Today's agreement holds Wells Fargo responsible for originating and selling tens of thousands of loans that were packaged into securities and subsequently defaulted," said Alex G. Tse, acting US Attorney for the Northern District of California.
Wells Fargo could not be immediately reached for comment.
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