Wells Fargo officially reaches $1.2B settlement over its FHA lending The Settlement Resolves claims for the time period between 2001-2010 NEW YORK — San Francisco bank Wells Fargo Wednesday said it has agreed to fork over $1.2 billion to settle allegations that it fraudulently certified loans in connection with a government insurance program.
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Wells Fargo Home Opportunities SM; Non-Conforming loans up to $3 million; Super Conforming loans with high balance features; Adjustable-rate mortgage (ARMs) with a range of terms; Federal Housing refinance; veterans affairs (VA) loans including VA Interest Rate Reduction Refinance203(b) and FHA Streamline
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Friday’s settlement is a reproach for "years of reckless underwriting" at Wells Fargo, U.S. Attorney Preet Bharara in Manhattan said in a statement. "While Wells Fargo enjoyed huge profits from its FHA loan business, the government was left holding the bag when the bad loans went bust," Bharara added.
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The mortgage unit says it modifies two loans for every one foreclosure.. Wells Fargo says its second quarter expenses included $428 million of operating losses, substantially all driven by.
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Wells Fargo reaches $1.2B settlement with U.S. government, admitting deceit in dealing risky mortgages. But Wells Fargo held out, and its payment is the largest in FHA history over loan.
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FHFA delays inevitable g-fee hike The Federal Housing Finance Administration today officially announced that it would delay the implementation of guarantee fee hikes originally slated to take effect in March and April.FHA temporarily eases guidance on condo approvals The Condominium Project Approval and Processing Guide (Guide) is designed to provide the Federal Housing administration (fha) baseline condominium project approval and processing requirements. The contents of this Guide are applicable for all condominium project approvals where a single unit will be insured under Section 203(b)