Wells Fargo agress $1.2bn payment to settle mortgage claims

A Billion Dollars

Wells Fargo agreed to pay $1.2bn to resolve claims related to its Federal Housing Administration mortgage practices.

Bloomberg News reports that the agreement includes loans made under the program from 2001 to 2010, the bank said Wednesday in a filing. Because Wells Fargo had to add to legal costs, the firm lowered its 2015 earnings by $134m, or 3 cents a share, to according to the filing. The firm said in January that they earned $23bn, or $4.15 a share, last year.

Wells Fargo was one of five banks that agreed in 2012 to the $25bn nationwide settlement with the Justice Department over mortgage-related claims that included botched foreclosures.

To access the complete Bloomberg News article hit the link below:

Wells Fargo Agrees to Pay $1.2 Billion to Settle FHA Claims

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