On Wednesday, the U.S. government is suing Wells Fargo for hundreds of millions of dollars in a civil fraud lawsuit targeted at the lender's underwriting of Federal Housing Administration-backed (FHA) mortgages issued over a decade that eventually defaulted.
The U.S. Attorney for the Southern District of New York's filed a civil fraud suit in Manhattan Tuesday arguing that the U.S. government paid hundreds of millions of dollars in insurance on FHA-backed loans Wells Fargo improperly underwrote. The U.S. Attorney and the U.S. Department of Housing and Urban Development are seeking to prove Wells Fargo fell short in its underwriting standards and should refund provide taxpayers with a refund.
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