Wells Fargo to pay $2.09 billion to settle probe into mortgage abuses

Source: Hannah Levitt, L.A.Times (Paid Registration)

Ten years after faulty mortgages upended the global financial system, Wells Fargo & Co. agreed to pay $2.09 billion to settle a U.S. investigation into its creation and sale of loans that contributed to the disaster.

Investors, including federally insured financial institutions, ended up suffering billions of dollars in losses on securities that contained home loans from Wells Fargo, the Justice Department said in a statement announcing the accord. The investigation focused on mortgages in which borrowers were allowed to state their incomes, without providing proof.

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