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Wells Fargo Reaches $770M Settlement for Deceptive Loans

HeadlineOct 07, 2010

The banking giant Wells Fargo has agreed to modify over 8,700 mortgages to settle claims it deceptively pushed crippling loans on borrowers in eight states. Under the deal, Wells Fargo will spend over $770 million to restructure the loans over a three-year period. Despite admitting to misleading customers, Wells Fargo also announced it won’t stop foreclosures and will proceed with evictions.

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