Wells Fargo Settles With Conn. AG Over Home Loans

Law360, New York (August 17, 2011, 3:57 PM EDT) -- Connecticut's attorney general announced an agreement Wednesday with Wells Fargo Bank NA in which the lender would offer loan modifications to about 1,500 homeowners who alleged Wells Fargo subsidiaries hadn't sufficiently explained the terms of their "pick-a-payment" loans, often resulting in unmanageable monthly payments.

The assurance agreement, the most recent of 11 that Wells Fargo has reached with various states in the last year, resolves claims that its acquirees Wachovia Corp. and Golden West Financial Corp. duped borrowers into taking on adjustable-rate mortgage loans and let...
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