Well Fargo Will Pay Huge Fine For Problem Mortgages

Wells Fargo has agreed to pay a more than 2 billion dollar fine for issuing mortgage loans it knew contained incorrect income information. The Justice Department says this activity contributed to the financial crisis. Alex Tse, acting US Attorney for the Northern District of California says the agreement holds Wells Fargo responsible for originating and selling tens of thousands of loans that were packaged into securities and subsequently defaulted. Wells Fargo does not admit liability as part of the settlement.