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April 21, 2018 03:34 pm

Wells Fargo Agrees to $1 Billion Fine Over Home and Auto Loan Abuses

Wells Fargo got hit with a $1 billion fine Friday -- the largest ever issued by America's consumer protection agency. An anonymous reader quotes Reuters:Taken together, the mortgage and auto programs ensnared more than 600,000 customers and will require nearly $300 million in refunds, the bank has said. The programs allowed Wells Fargo to earn fees from unneeded car insurance and penalties on mortgage paperwork that the bank had botched. For homebuyers, Wells Fargo promised to "rate lock" or freeze the interest rate for borrowers who got their mortgage paperwork finished within a few weeks. When that deadline slipped and it was the bank's fault, Wells Fargo could blame the customer. The penalty for late mortgage paperwork often topped $1000, according to a borrower lawsuit... Drivers stung by insurance fees were wrongly pushed into policies that they did not need... Insurers working for Wells Fargo pushed policies onto more than 500,000 customers who already had coverage, the bank has said. The penalty comes 18 months after Wells Fargo "admitted it opened sham accounts for customers -- a practice that likely ensnared millions... Wells Fargo agreed to the new $1 billion fine "without admitting or denying wrongdoing."

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