Wells Fargo Will Pay $108 Million To The Government After Veteran Loans Fiasco
Wells Fargo will pay the U.S. government $108 million to settle a lawsuit which accused the company of overcharging veterans who refinanced their mortgages.
"The claims, made in a lawsuit filed in 2006 by Georgia mortgage brokers Victor Bibby and Brian Donnelly and made public in 2011, said the bank charged veterans hidden fees when refinancing mortgages and hid the fees when veterans applied for federal loan guarantees," according to The Hill.
The settlement is reportedly larger than that of Bank of America, Citigroup Inc. and JP Morgan Chase & Co.'s settlements combined. With the pay out, the company is looking to put the matter behind them and move forward one a better note.
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