Feds may seek fines against Wells Fargo in mortgage bias probe

By Saibus Research:JP Morgan Chase (JPM) and Wells Fargo (WFC) reported record profits in their third quarter earnings from increased volumes of lending. As the housing market has slowly recovered, these two nation-wide mortgage lenders have "banked" in on the opportunity.

Top US bank Wells Fargo is to pay $175 million to resolve allegations that it charged African-American and Hispanic borrowers higher fees and interest rates than whites, the Justice Department said Thursday.The bank is accused of engaging "in a pattern or practice of discrimination against qualified African-American and Hispanic borrowers in its mortgage lending from 2004 through 2009."Customers were also steered toward riskier sub-prime loans, while their white peers received standard loan terms, according to the Justice Department.

By Income Hunter:Wells Fargo (WFC) did the investment community a great service in May by hosting an investor conference for its shareholders. This investor presentation covered all aspects of Wells Fargo's business, covering hundreds of pages of texts and graphs.

(Reuters) - Wells Fargo & Co on Friday

By Vatalyst: Wells Fargo (WFC) could be the biggest supplier that major mREITs, such as Annaly (NLY) and American Capital Agency (AGNC), have.

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Trefis submits: The recent increase in 30 year fixed home mortgage rates in the U.S. seems to have created ripples in the mortgage industry. Mortgage applications decreased 2% in the week ended April 1, according to the Mortgage Bankers Association’s index.