Pursuits
Wells Fargo Agrees to Pay $1.2 Billion to Settle FHA Claims
- Lender cuts 2015 earnings by $134 million for legal accruals
- Wells Fargo last of four banks sued by FHA to settle lawsuit
Wells Fargo Last of Four Banks to Settle FHA Lawsuit
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Wells Fargo & Co., the largest U.S. home lender, agreed to pay $1.2 billion to resolve claims related to its Federal Housing Administration mortgage practices.
The agreement includes loans made under the program from 2001 to 2010, the San Francisco-based bank said Wednesday in a filing. Because Wells Fargo had to add to legal costs, the firm lowered its 2015 earnings by $134 million, or 3 cents a share, to according to the filing. The firm said in January that they earned $23 billion, or $4.15 a share, last year.