Wells Fargo To Pay $50 Million
American financial company Wells Fargo accepted the heviest fine of 50$ million dollars and ready to pay out the mortgage claim. The company was incriminated in reassessment of credit lines to hundreds of thousands homeowners without notifying them, Reuters says.
To this moment the Federal Court of Oakland in California has been coming to a decision to accept or decline the process of settlement proposed by Wells Fargo. According to Reuters, if the judge says “yes” to peaceful resolution the company will win, cause there are several hundreds of borrowers who don’t know about “dirty” manipulations from Wells Fargo’s side.
Roland Tellis, a plaintiff’s lawyer, is happy for achieved aims. He said that more than 250.000 homeowners were involved into the process.
It is also mentioned that mortgage agreements allow banks to re-asses any credit history but only after borrowers pay back all the mortgage. But Wells Fargo rised percentage without any notifications to borrowers.