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Wells Fargo fine

Wells Fargo Reaches $2 Billion Settlement for Mortgage Loan Controversy

Wells Fargo has agreed to pay $2.09 billion in fines for a mortgage loan incident. Between 2005 and 2007, Wells Fargo allegedly created and sold mortgage loans containing misstated income information, costing investors billions of dollars during the Recession. The penalty is in accordance with the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.

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