Wells Fargo to Pay $1.2 Billion in FHA-Related Settlement

Wells Fargo & Company and Federal Government reach an agreement in principle to resolve claims

By Jeff Sorg, OnlineEd Blog

gavel money(February 3, 2016) – On February 1, 2016, Wells Fargo & Company  reached an agreement in principle with the United States Department of Justice, the United States Attorney’s Office for the Southern District of New York, the United States Attorney’s Office for the Northern District of California, and the United States Department of Housing and Urban Development (collectively, the “Federal Government”) to pay $1.2 billion to resolve certain civil claims that the Federal Government had pending against the Company relating to the Company’s Federal Housing Administration (“FHA”) lending program for the time period 2001-2010, as well as other potential civil claims relating to the Company’s FHA lending activities for other periods.

Although the Company and the Federal Government have reached an agreement in principle to resolve these matters, there can be no assurance that the Company and the Federal Government will agree on the final documentation of the settlement.

 

[Source: 8-K Filing, US Securities and Exchange Commission]

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About Jeff Sorg

Jeff Sorg holds vocational and post-secondary school instructor licenses in several states and has authored numerous real estate continuing education and pre-licensing courses. Sorg is awarded the International Distance Education Certification Center's CDEi Designation for distance education. Memberships include ARELLO (Association of Real Estate License Law Officials), REEA (Real Estate Educators Association) the National Association of REALTORS®, Oregon Association of REALTORS®, and Portland Metro Association of REALTORS®. Awards and service include REALTOR® Emeritus; Life Member award; 2020, 2021, 2022 Chairperson of the Oregon Real Estate Forms Committee; Oregon REALTORS State Director. More on request.