Wells Fargo to pay U.S. $108 million over veterans’ loans

loans

By Jonathan Stempel

Wells Fargo & Co (WFC.N) will pay the U.S. government $108 million to settle a whistleblower lawsuit claiming it charged military veterans hidden fees to refinance their mortgages, and concealed the fees when applying for federal loan guarantees.

The third-largest U.S. bank on Friday said the accord resolved claims that its Interest Rate Reduction Refinance Loans should have been ineligible for guarantees under a U.S. Department of Veterans Affairs loan guaranty program.

Such claims were raised in a lawsuit filed in 2006 and made public in 2011, in which Georgia mortgage brokers Victor Bibby and Brian Donnelly sought to recoup losses that the government, and by extension taxpayers, suffered on guaranteed loans that went into default.

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Posted by on August 5, 2017, With 0 Reads, Filed under Personal Finance, VA Home Loans. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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