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.

It's only fair to share...Share on FacebookShare on Google+Tweet about this on TwitterShare on LinkedInShare on RedditShare on TumblrEmail this to someone

Related Posts:



All content herein is owned by author exclusively. Expressed opinions are not necessarily the views of VT News, VT News, authors, affiliates, advertisers, sponsors, partners, technicians or Veterans Today Network and its assigns. In addition, all images within this post are the full responsibility of the author and NOT Veterans Today Network.
Legal Notice - Comment Policy
Posted by on August 5, 2017, With 0 Reads, Filed under Of Interest. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

FaceBook Comments

You must be logged in to post a comment Login


TOP 50 READ ARTICLES THIS MONTH
From Veterans Today Network