{"id":3752,"date":"2012-10-11T15:06:32","date_gmt":"2012-10-11T15:06:32","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=3752"},"modified":"2012-10-11T15:06:32","modified_gmt":"2012-10-11T15:06:32","slug":"wells-fargo-accused-of-reckless-lending","status":"publish","type":"post","link":"http:\/\/www.anthonydidonato.net\/wordpress\/wells-fargo-accused-of-reckless-lending\/","title":{"rendered":"Wells Fargo Accused of \u2018Reckless\u2019 Lending"},"content":{"rendered":"

Wells Fargo Accused of \u2018Reckless\u2019 Lending.<\/h2>\n
\"Wells<\/a>

Wells Fargo Accused of \u2018Reckless\u2019 Lending<\/p><\/div>\n

The government has filed a lawsuit in federal court against Wells Fargo<\/strong>, alleging the nation\u2019s largest mortgage lender has engaged in a decade of regular \u201creckless origination and underwriting\u201d of government-backed loans.<\/p>\n

The government\u2019s lawsuit against Wells Fargo<\/em> is the latest in its broad sweep against banks that cites the Federal False Claims Act, which targets lenders accused of misusing Federal Housing Administration loans. (The FHA does not make loans but insures loans that lenders make.)<\/p>\n

Wells Fargo<\/span> denies any wrongdoing and said it would \u201cvigorously\u201d defend\u00a0itself against the government\u2019s accusations. Company officials said they acted in \u201cgood faith and in compliance\u201d with federal guidelines in their lending.<\/p>\n

In February, Bank of America, which never admitted any wrongdoing, reached a $1 billion settlement involving False Claims Act fraud allegations with FHA-backed loans. Three other banks, in similar recent cases, also have agreed to pay $490 million.<\/p>\n

Source: \u201cU.S. Sues Wells Fargo for Faulty Mortgages<\/a>,\u201d The Wall Street Journal (Oct. 9, 2012)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Wells Fargo Accused of \u2018Reckless\u2019 Lending. The government has filed a lawsuit in federal court against Wells Fargo, alleging the nation\u2019s largest mortgage lender has engaged in a decade of regular \u201creckless origination and underwriting\u201d of government-backed loans. The government\u2019s lawsuit against Wells Fargo is the latest in its broad sweep against banks that cites … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-3752","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nWells Fargo Accused of \u2018Reckless\u2019 Lending - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"description\" content=\"Wells Fargo Accused of \u2018Reckless\u2019 Lending. 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