Wells Fargo, Fannie Mae Hit With Reverse Mortgage Suit

Law360, New York (August 5, 2011, 8:06 PM EDT) -- The AARP said Thursday that it had filed a class action against Wells Fargo Bank NA and Fannie Mae in California federal court for wrongly refusing heirs and surviving spouses of reverse mortgage borrowers the opportunity to buy property at its appraised value.

The senior advocacy group filed the class action Wednesday on behalf of Elk Grove, Calif., resident Robert Chandler, who was told by Wells Fargo that he had to pay the full balance of his deceased mother's reverse mortgage in order to buy her...
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