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Main » 2016 » February » 4 » Wells Fargo will pay a fine of $ 1.2 billion - quotations omitted
Wells Fargo will pay a fine of $ 1.2 billion - quotations omitted

Wells Fargo - the largest bank in the US mortgage market was ordered to pay a fine of US $ 1.2 billion for the termination of proceedings on claims relating to violations of the issuance of mortgage loans.



Recall that in late 2014 the bank was accused of assuming errors in the assessment of the mortgage loans that did not meet the conditions required to obtain insurance guarantees from the Federal Office for Housing in the US between 2001 and 2010. Wells Fargo also received insurance compensation for loans, what was his right as a default later was admitted by him. The litigation lasted for more than a year and the company has decided to pay the penalty of their termination.

This penalty was included in the financial performance of Wells Fargo for the last year, which led to a revision of the indicators in net profit for 2015 to 134 million dollars, or 0.03 dollars per share.

Out of such news had a negative impact on the valuations of the bank Wells Fargo, on the New York Stock Exchange (NYSE), they decreased by 3.4%.

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