wells fargoWells Fargo Reaches Deal With ResCap Over Toxic Mortgages

 

This is a wsj.com article.

 

‘Big banks continue to ‘fess up to errors of the mortgage crisis,’ says research analyst.

Wells Fargo & Co. has reached a settlement tied to bad real-estate loans that officials at Residential Capital LLC claim helped push the subprime mortgage lender into bankruptcy, said people familiar with the matter.

The bank reached the agreement with the trust overseeing ResCap’s liquidation, according to court documents and the people familiar. The settlement punctuates a forgettable 2016 for Wells Fargo, which has suffered through a scandal around its creation of bogus customer accounts and new regulatory sanctions over the rejection of its so-called living will.

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