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U.S. files civil mortgage fraud lawsuit against Wells Fargo & Co-Reuters


Tuesday, 9 Oct 2012 04:36pm EDT 

Reuters reported that The U.S. government has filed a civil mortgage fraud lawsuit on against Wells Fargo & Co, the latest legal volley against big banks for their lending during the housing boom. The complaint, brought by the U.S. Attorney in Manhattan, seeks damages and civil penalties from Wells Fargo for more than 10 years of alleged misconduct related to government-insured Federal Housing Administration loans. The lawsuit alleges the FHA paid hundreds of millions of dollars on insurance claims on thousands of defaulted mortgages as a result of false certifications by Wells Fargo, the fourth-biggest U.S. bank as measured in assets. 

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