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Author: WuLong Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 212834  
Subject: US v WFC Date: 10/10/2012 10:18 AM
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The federal government has sued Wells Fargo in a New York court, accusing the nation's largest mortgage lender of misrepresenting the quality of thousands of loans in order to be eligible for federal loan insurance.
...Specifically, the lawsuit alleges that between May 2001 and October 2005, Wells Fargo & Co. certified that over 100,000 mortgage loans were eligible for the insurance. But "a very substantial percentage" of those loans were not eligible, according to the lawsuit.
Wells Fargo denied the allegations and vowed a vigorous defense. Many of the issues raised by the lawsuit have already been addressed with the Department of Housing and Urban Development, it said in a statement Tuesday. The bank also noted that it has already disclosed the issues in its latest quarterly report.

http://finance.yahoo.com/news/us-sues-wells-fargo-over-20372...
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