mortgage litigation settlement

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Wells Fargo’s looming $1 billion mortgage litigation settlement brings down 3Q earnings

Oct 13, 2017By

Wells Fargo’s third-quarter earnings report didn’t hold much positive news for the company. And much of the bad news came from the mortgage segment. The bank saw an 18% drop in its net income due, in part, to the bank setting aside $1 billion for a potential settlement with the Department of Justice over crisis-era mortgage bonds. The bank’s mortgage banking income also plummeted 37%.

3d rendering of a row of luxury townhouses along a street

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