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Wells Fargo officially reaches $1.2B settlement over its FHA lending

Separately, it has to pay about one-fifth the total cost of the $10 billion mortgage settlement reached. of its mortgage business in the fourth quarter, "over time will come down," mortgages are.

In the settlement, Wells Fargo agreed to pay $1.2 billion and admitted, acknowledged and accepted responsibility for, among other things, certifying to the Department of Housing and Urban Development (HUD), during the period from May 2001 through December 2008, that certain residential home mortgage loans were eligible for FHA insurance when in.

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Wells Fargo has agreed to a $1.2 billion settlement to resolve a long-running mortgage dispute with the U.S. government, a move that slashes the bank’s 2015 profit by $134 million.

The government accused Wells Fargo of "reckless" lending practices during the housing market crisis, and said "pay up" to the tune of $1 billion-plus. The proposed settlement would put all claims.

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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.

Wells Fargo Reaches $1.2B FHA Mortgage Settlement.. The $1.2 billion settlement would force Wells Fargo to add an additional $200 million in legal expenses to its 2015 earnings, forcing it to.

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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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Citigroup reached a $395 million deal with Freddie Mac last week and announced a $968 million settlement with Fannie Mae in July. Wells Fargo’s agreement. warranties over how they are underwritten.