Wells Fargo Wants Suit Over $50M Home Loan Deal Junked

Law360, New York (April 15, 2013, 5:02 PM EDT) -- Wells Fargo Bank NA sought Friday to toss a proposed class action by homeowners accusing the bank of using unreliable appraisal methods in violation of a $50 million settlement over its Wachovia unit's so-called pick-a-payment home loans.

Wells Fargo said in a motion to dismiss the suit that its appraisal methods, including an automated model that the plaintiffs claim inflated home valuations, do not flout the terms of the settlement agreement with the plaintiffs.

In processing loan modifications, Wells Fargo has to use the market value...
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