Wells Fargo Pays $70 Million for Failures in Foreclosure Accord
- Settlement with OCC clears earlier mortgage-servicing limits
- Penalty against lender ends complex five-year foreclosure saga
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Wells Fargo & Co. agreed to pay a $70 million penalty in ending the bank’s five-year fight to settle legal claims over foreclosure missteps after the 2008 credit crisis.
U.S. regulators announced the fine for the San Francisco-based bank on Wednesday as part of an agreement that also frees the nation’s biggest mortgage lender from loan-servicing restrictions imposed last year.