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07-20-2011, 08:20 PM #1
Fed hits Wells Fargo with $85 million fine
Fed hits Wells Fargo with $85 million fine
By Ben Rooney @CNNMoney
July 20, 2011: 5:21 PM ET
The Federal Reserve fined Wells Fargo $85 million for predatory lending practices during the housing bubble.
NEW YORK (CNNMoney) -- The Federal Reserve announced a record $85 million fine Wednesday against Wells Fargo for allegedly pushing borrowers with good credit into expensive mortgages and falsifying loan applications.
The Fed accused the nation's fourth largest bank by assets of steering potential borrowers who could have qualified for prime rates into more expensive subprime loans.
The authorities also claimed that employees of Wells Fargo Financial, a non-bank subsidiary closed last year, doctored income information on mortgage applications to push through borrowers that would not have qualified for based on income.
The fine is the largest the Fed has ever issued under its consumer-protection authority and is the first action taken against a bank for predatory lending practices related to the housing bubble.
The loans in question were made between 2004 and 2008 and are estimated to involve up to 10,000 borrowers.
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