Wells Fargo settles dispute over toxic mortgage bonds for $335 million

  • Article by: Jennifer Bjorhus , Star Tribune
  • Updated: November 6, 2013 - 9:09 PM

The bank will pay $335 million to settle claims of misrepresentation.

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bogie246Nov. 6, 13 4:49 PM

Fannie and Freddie established the underwriting standards for the entire industry. They bought these mortgages with their eyes open. Because they were and are quasi government agencies, they get the right to blame someone else. In the meantime there has not been one hearing into Fannie and Freddie's role in the melt down. And they have cost taxpayers over $200 billion. The federal government is suppose to have only inumerated powers, not absolute power. That has become an obsolete concept.

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swmnguyNov. 6, 13 4:53 PM

Fractions of a penny on the dollar compared to the profits Wells made on these fraudulent bonds. Barely even a cost of doing business. Closer to "Get Out Of Jail Free."

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bogie246Nov. 6, 13 5:19 PM

Swmnguy: You are right...just pennies which should tell you Wells did nothing wrong and settled for less than legal fees to defend. The Feds had no case or they would have gone for a JPM type of settlement. Wells packaged way more mortgages than JPM. These government shake downs have Chicago written all over them. I am so proud of our government.

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gofurnuttNov. 6, 13 5:54 PM

Not,Not,Not Nearly Enough....Annd Anyone that was Actually Harmed Doesn't See a Penny of It !!!!

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hawkeye56379Nov. 6, 13 9:36 PM

bogle246 said: "Because they were and are quasi government agencies, they get the right to blame someone else."------ What nonsense! They are getting billions from the institutions that either were responsible or that purchased the lenders making the toxic loans. They are getting many BILLIONS of dollars, not just a nuisance amount. You also said: "In the meantime there has not been one hearing into Fannie and Freddie's role in the melt down." -----Wrong. The Financial Crisis Inquiry Commission conducted extensive hearings, they just didn't reach the conclusion that those of your ideology would prefer.

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md56482Nov. 6, 13 9:46 PM

More ways for big banks to buy their way out of jail time. The only time this stuff stops is if people who wear suits and make millions lose their freedom for awhile.

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foneboothNov. 6, 1311:31 PM

The execs at WF et al knew full well what they were doing. They were the rip off artists in this, aka crooks...what they are paying isn't nearly enough...

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bogie246Nov. 7, 13 5:14 AM

Posters: Crooks, jail time,not nearly enough, getting billions, etc. If you really believe this stuff, you would have to conclude that the Obama administration is complicit in the "fraud". So logically you must believe some of them should be in jail too, correct? BTW, I do not have an ideology...just facts.

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wingophersNov. 7, 13 7:31 AM

The truth is that Wells Fargo always believes it is better than anyone else in mortgage lending and are smug to say the least. While Wells may not officially admit guilt their hands have the blood of foreclosures and lost families because of their greed. I am sure the CEO sleeps well knowing they got off cheap.

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thisislameNov. 7, 13 8:08 AM

When does Wells Fargo get to go after all the people who lied on loan applications? Oh right, it is the bank's responsibility to prove someone lied....

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