Articles Tagged with ''Lisa Madigan''

Wells Fargo to pay $17 million to Illinois pension funds over crisis-era mortgage bonds

Brings state’s total recovery to more than $500 million
Wells Fargo will pay more than $17 million to a series of Illinois pension funds after settling with the state over the bank’s “misconduct in its marketing and sale of risky residential mortgage-backed securities leading up to the 2008 economic collapse,” Illinois Attorney General Lisa Madigan announced this week.
Read More

Illinois AG Sues Wells on Alleged Reverse Redlining

Illinois Attorney General Lisa Madigan is suing Wells Fargo [stock WFC][/stock] on alleged predatory lending practices and discrimination against African American and Latino borrowers. The Illinois AG's suit, filed in Cook County Circuit Court, claims Wells engaged in a practice called "reverse redlining," in which lenders are said to target minority consumers or residents of minority neighborhoods for high-cost subprime mortgages. Madigan's complaint alleges Wells targeted marketing programs in areas considered minority-populated.
Read More

Multi-Agency Crackdown on Foreclosure Rescue Scams Unveiled

Treasury secretary Timothy Geithner, along with other agency leaders, announced Monday morning in a press conference a multi-agency crackdown on bad actors in foreclosure scams. The new effort aligns responses from federal law enforcement agencies, state investigators and prosecutors, civil enforcement authorities, and the private sector to protect homeowners seeking assistance under the Administration's Making Home Affordable program from criminal actors looking to perpetrate predatory schemes.
Read More