Hundreds Of Millions In Damages Sought As U.S. Sues Wells Fargo Over FHA-Insured Loan Defaults

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But This Affects All of Us – Big Brother May Be “Watching Our Backs” After All…

The federal government has sued Wells Fargo in a New York court, accusing the nation’s largest mortgage lender of misrepresenting the quality of thousands of loans in order to be eligible for federal loan insurance.

The lawsuit, filed Tuesday in federal court in Manhattan, seeks to recover “hundreds of millions of dollars” that the Federal Housing Administration paid out after borrowers defaulted on Wells Fargo mortgage loans.

Read More: U.S. Sues Wells Fargo

by Associated Press