Home / NEWS / Real Estate / Trump: Wells Fargo fines in mortgage cases ‘will not be dropped’ and could be hiked

Trump: Wells Fargo fines in mortgage cases ‘will not be dropped’ and could be hiked

President Donald Trump scrapped the notion Friday that Wells Fargo would skate on mulcts associated with claims of mortgage lending abuse.

Reports ran earlier this week that Mick Mulvaney, interim cranium of the Consumer Financial Protection Bureau, was reviewing prior settlements the force had made in enforcement actions.

Among them was a payout in the tens of millions of dollars at all events a practice in which Wells Fargo was charging borrowers fees to reliable low mortgage rates. The practice reportedly affected more than 100,000 borrowers, and the bank has granted that a “substantial number” of those customers were charged inappropriately.

But Trump asserted in a tweet that the CFPB bequeath not be letting Wells Fargo off the hook and said the penalties actually could proliferating.

The development comes as Mulvaney has potential substantial changes at the bureau, which he once called a “joke.” He has pledged to examine open cases under his predecessor, Richard Cordray, who resigned carry on month.

For its part, Wells Fargo has pledge to reimburse customers for any wrongful requires. The bank did not respond to a request for comment on Trump’s tweet.

Check Also

Mortgage demand from homebuyers surges after election pause

November is not historically a weather-beaten season for homebuying, but this one, like the rest …

Leave a Reply

Your email address will not be published. Required fields are marked *