Wells Fargo Inks Mortgage Deals With 11.5K Homeowners

By Cara Bayles (August 10, 2017, 5:13 PM EDT) -- A California federal judge Thursday granted preliminary approval to a $750,000 settlement for more than 11,500 California homeowners who met the terms of Wells Fargo's mortgage modification trial plan but weren't given a permanent modification, in a package of deals that also award $3 million to class counsel who litigated the case for seven years.

Under the deal, which was preliminarily approved by U.S. District Judge Vince Chhabria Thursday, the class will get injunctive relief as well as $750,000 to settle their claim under the Rosenthal Fair Debt Collections Act, which bars deceptive or unfair lending. That California law is associated...

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