wells fargo bank defendant in class action complaint trust 2007-7
Post on 28-Mar-2015
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WELLS FARGO SETTLES FOR $125,000,000 AND WILL BE LIABLE FOR BILLIONS MORE DUE TO FAULTY UNDERWRITING.The funds had alleged the bank had "routinely disregarded the underwriting guidelines" for mortgages that provided the underlying assets of the securities. When the housing market collapsed, the value of mortgage-backed securities plummeted and pension funds that had thought their money was in AAA-backed investments were left with junk-rated bonds.
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