Wells Fargo to pay US government $108M for veterans' loans
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Title : Wells Fargo to pay US government $108M for veterans' loans
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Title : Wells Fargo to pay US government $108M for veterans' loans
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news-today.world | Wells Fargo & Co will pay the US 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 US bank on Friday said the accord resolved claims that its Interest Rate Reduction Refinance Loans should have been ineligible for guarantees under a US 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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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.
More
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