Wells Fargo hit with Massive Fine for Subprime Loan Mess
As part of the deal, Wells Fargo will reassess the qualifications for all subprime borrowers who received a cash-out refinance between January 2006 and June 2008, and must compensate those who were financially hurt by their predatory practices, said the report. Some estimates show that about 10 000 owners may have been affected.
It was alleged that Wells Fargo Financial employees pushed clients who had been entitled to better rates on larger loans APRS that were intended for riskier borrowers, the report said.Meanwhile, others in the sales department consists of false documents to potential borrowers whose incomes were too low to qualify for loans appear as if they were solvent.
There were a number of scandals in the mortgage industry in recent months, including robo-signing practices has seen many major banks approve million shares seizure without well considered first. A recent report from Reuters noted that some of these practices may still be active.
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