39163
Wells Fargo to Pay $1.2b Fine
World Economy

Wells Fargo to Pay $1.2b Fine

Wells Fargo has agreed to pay the US government $1.2 billion for hiding most of its bad loans in the years leading up to the 2008 housing market crash, CNNMoney reported. The bank admitted it certified that thousands of faulty home mortgage loans were eligible for Federal Housing Administration insurance. When the market crashed in 2008, American taxpayers ended up on the hook for the bad loans. “Wells Fargo enjoyed huge profits from its FHA loan business, the government was left holding the bag when the bad loans went bust,” Manhattan US Attorney Preet Bharara said in a statement.

 

Short URL : http://goo.gl/MiOJqB
  1. http://goo.gl/NjTyfG
  • http://goo.gl/8YVrF7
  • http://goo.gl/umWySv
  • http://goo.gl/nuUGgF
  • http://goo.gl/KfRLcf

You can also read ...

Close to 40% of digital transformation initiatives will be supported by AI capabilities.
The digital economy in Asia-Pacific, or APAC, is expected to...
An electronic stock indicator of a securities firm in Tokyo.
As investors come to terms with the impending end of easy...
Most economists would agree that Italy needs faster economic growth if it is to resolve its public debt  and banking-sector problems in an orderly manner.
Italy’s economy is growing again, but it’s still the worst...
Maersk is expanding its competitive universe to include different types of companies.
The world’s largest container company will start looking for...
Lloyds Profits Miss Forecasts
Lloyds Banking Group PLC raised its 2017 dividend by 20% and...
CBs May Top Inflation Targets
Not only will central banks meet their inflation targets, they...
Pak Current Account Gap Widens
Pakistan’s current account deficit widened 28.74% on a month-...
NZ Says Pacific Trade Deal Will Boost GDP
New Zealand estimates a Pacific trade deal would boost its...

Trending

Googleplus