Red Lake Nation News - Babaamaajimowinan (Telling of news in different places)

Wells Fargo to pay $2.1 billion for role in housing bubble


August 2, 2018

NEW YORK — Wells Fargo agreed Wednesday to pay a $2.1 billion fine to settle allegations it misrepresented the types of mortgages it sold to investors during the housing bubble that ultimately led to the 2008 financial crisis.

The amount is relatively smaller than the fines paid by Bank of America, Citigroup, Goldman Sachs and other big banks in the years following the financial crisis to settle similar allegations. Wells Fargo is one of the last remaining big banks to settle charges related to its role in the subprime mortgage crisis.


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