Wells Fargo to pay $2.1 billion for role in housing bubble
Aug 1, 2018
Wells Fargo is agreeing to pay a $2.1 billion fine to settle allegations it misrepresented the types of mortgages it sold to investors during the housing bubble and subsequent financial crisis
NEW YORK — Wells Fargo is agreeing to pay a $2.1 billion fine to settle allegations it misrepresented the types of mortgages it sold to investors during the housing bubble and subsequent financial crisis.
The amount is smaller than fines paid by Bank of America, JPMorgan Chase, Goldman Sachs and other big banks in the years following the financial crisis to settle similar allegations.
Wells Fargo is one of the last remaining big banks to settle charges related to its role in the subprime mortgage crisis.
The fine is unrelated to the more recent scandals that have plagued Wells, such as the opening of millions of fake accounts for customers without their authorization in order to meet unrealistic sales quotas.
More News
Oklahoma Families Faced the Hottest Summer Ever and an Electricity Crisis
Record heat and a rising demand for electricity are closing in on Oklahoma families trying to keep the lights on and the AC running.
Gleaning group gives £1m of produce to food banks
Gleaning Cornwall warns that more funding is needed as costs rise sharply.
What is the Budget and what could be in it?
Chancellor John Healey will set out his plans for UK taxes on 28 October.
3 Charts That Explain the Economy as Voters Head to the Polls
Inflation is high, consumer spending is strong and seemingly everything depends on what happens with artificial intelligence.
United’s C.E.O. Says It Should Cost More Not to Sit in the Middle Seat
Scott Kirby of United Airlines said that “it’s expensive to fly airplanes” and that airfares may have further to rise.
Turning the tides: Could hidden sea power energise our coastal towns?
Engineer David Mummery has developed a tidal energy generator that he says can change lives for people living in coastal communities.
'I took a chance on the whisky industry and I haven't looked back'
Zoey Darnbrough had no idea there was a distillery near her home - now she has a top tourism role there.
Heating oil customers face tough winter
The government plans to regulate heating oil prices after increases.
There's a crackdown on sports piracy - but is it already out of control?
The sports industry's lucrative business model is being undermined by dodgy TV sticks and illegal streaming links, writes Theo Leggett.
Trump Offers Putin Economic Relief in Hopes That Russia Will Return the Favor
The Trump administration is ignoring the will of Congress and waiving new Russia sanctions amid fears that high energy prices will cost Republicans in next month’s elections.
How day of protests unfolded as disorder breaks out across France
Demonstrations across the country turned violent, with cars and buildings set alight and shops ransacked.
M.L.B. Playoff Ads With Sydney Sweeney and Megan Fox Draw Backlash
Commercials promoting a gambling platform and endorsing male enhancement have rankled fans, and even athletes. Who is in charge?