Wells Fargo Fined $1 Billion Over Mortgage And Auto Loans

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Wells Fargo Bank has agreed to pay up to a billion dollars to settle allegations that it overcharged people for auto and mortgage loans, among other things. The fines were imposed by the Office of the Comptroller of the Currency, and the Consumer Financial Protection Bureau, marking the first major …

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Trustee to take over Fortress broker in wake of RCMP raid

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A judge has ordered a trustee to take over the operations of the lead mortgage broker for beleaguered real estate developer Fortress Real Developments Inc., just a week after the RCMP raided Fortress's Toronto-area offices as part of a syndicated-mortgage-fraud investigation. Lawyers for the Financial …

Wells Fargo to pay US$1bn to settle mortgage, auto lending business abuse charges

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Wells Fargo will pay US$1 billion to settle charges tied to its mortgage and auto lending business, the latest chapter in years-long, wide-ranging scandal at the banking giant. However, it appears that none of the $1 billion will go directly to the victims of Wells Fargo's abuses. In a settlement announced …