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Wells Fargo Ordered to Pay $3.1 Million for Mortgage Abuses

HeadlineApr 10, 2012

Huffington Post is reporting a federal bankruptcy judge in Louisiana has ordered Wells Fargo to pay $3.1 million in punitive damages, one of the biggest fines ever for mortgage servicing misconduct. Judge Elizabeth Magner characterized Wells Fargo’s behavior as “highly reprehensible.” Magner wrote: “Wells Fargo has taken advantage of borrowers who rely on it to accurately apply payments and calculate the amounts owed. But perhaps more disturbing is Wells Fargo’s refusal to voluntarily correct its errors.”

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