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Wells Fargo hit with $2 billion fine over faulty mortgages

Wells Fargo hit with $2 billion fine over faulty mortgages

“Abuses in the mortgage-backed securities industry led to a financial crisis that devastated millions of Americans,” Alex Tse, the acting U.S. attorney for the Northern District of California, said in a statement. “Today’s agreement holds Wells Fargo responsible for originating and selling tens of thousands of loans that were packaged into securities and subsequently defaulted.”

Wells Fargo CEO Tim Sloan also released a statement Wednesday saying the company is  “pleased to put behind us these legacy issues regarding claims related to residential mortgage-backed securities activities that occurred more than a decade ago.”

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