Business

Wells Fargo to pay $2.09 billion fine in mortgage settlement

Posted August 1, 2018 2:23 p.m. EDT

— Wells Fargo has agreed to pay a $2.09 billion fine for issuing mortgage loans it knew contained incorrect income information, the Justice Department announced Wednesday.

The government said this activity contributed to the financial crisis.

"Today's agreement holds Wells Fargo responsible for originating and selling tens of thousands of loans that were packaged into securities and subsequently defaulted," Alex Tse, acting US Attorney for the Northern District of California, said in a statement.

The bank did not immediately respond to a request for comment.

Wells Fargo does not admit liability as part of the settlement, the Justice Department said in its press release.

This is a developing story. More to come...