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Wells Fargo Bank has agreed to pay $23.7 million to eight states and modify consumers' mortgages to settle deceptive marketing allegations over risky "pick-a-payment" home loans. The home loans ...
Homeowners struggling to repay adjustable-rate mortgages from Wachovia and World Savings Bank, subsidiaries of Wells Fargo (WFC), got some good news Wednesday. The company has agreed to pay $24 ...
While Wachovia Mortgage continued to scrutinize borrowers' ability to manage increased payments, the move to rock-bottom rates lured customers whose financial reliability was more difficult to verify. [34] More than 70% of the Pick-A-Pay loans were made in California, Florida and Arizona, where home prices had declined severely.
The global recovery, including $590 million from Wells Fargo and $37 million from Wachovia's auditor, KPMG, was one of the largest recoveries under the Securities Act of 1933 arising out of the credit crisis. The suit focused on Wachovia's exposure to "pick-a-pay" loans, which the bank's offering materials assured were of "pristine credit quality."
The bank was renamed in the mid-1980s after a series of mergers. After being acquired by First Union Corporation, which later also acquired Wachovia National Bank to become Wachovia Corporation, CoreStates Financial Corporation became a part of Wells Fargo in 2008 when Wachovia (formerly known as First Union) was acquired by that company.
G. Kennedy Thompson, also known as Ken Thompson, (born November 25, 1950) is an American banker and businessman who was chairman, president, and CEO of Wachovia Corporation, formerly First Union Corporation, from 2000 through 2008. [1] During his leadership, Wachovia grew to become the nation's fourth largest bank. [2] [3]
If you purchased some weighted groceries or bagged fruit at Walmart in recent years, you may be eligible for a cash payment from a class action settlement with the retailer. The class action ...
In addition, the firm was required to pay another $41 million in fines. [6] The settlement also resolved investigations of the firm by the National Association of Securities Dealers and 49 states, including California, where 52,000 investors lost money in Prudential limited partnerships.