MORTGAGE PROFESSIONAL AMERICA
“First, banks escaped accountability for violations,” Kevin Stein, deputy director for the California Reinvestment Coalition, told American Banker. “Now they are somehow able to profit from them?”
In a development that is drawing ire from consumer groups, Wells Fargo may actually reap a $240 million reward for its various scandals.
If a judge approves a proposed settlement, unnamed insurance companies will pay the scandal-plagued bank $240 million to settle allegations that top Wells Fargo officials knew about and ignored widespread misconduct at the bank, according to a report by American Banker.