Wells Fargo Gets Judge's Nod For $1.2B FHA Fraud Deal

Law360, Los Angeles (April 8, 2016, 10:18 PM EDT) -- A New York federal judge on Friday signed off on a $1.2 billion settlement to be paid by Wells Fargo NA to resolve allegations it defrauded the Federal Housing Administration by submitting insurance claims for defaulted loans that didn't meet the agency’s standards.

In a dismissal order approving the settlement, U.S. District Judge Jesse M. Furman said Wells Fargo must pay the U.S. Department of Justice $1.2 billion within 30 days. The parties reached a deal in principle in February to settle the government’s mortgage fraud claims accusing the banking giant of telling the U.S. Department of Housing and Urban Development...

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