Wells Fargo, the fourth-largest bank in the United States, misses its third quarter profit estimates due to interest rate declines and the shrinkage of its mortgage lending business.
American multinational financial services company Wells Fargo is fined $250 million for "unsafe or unsound practices" related to its home-lending practices by the United States Office of the Comptroller of the Currency.
Wells Fargo bank is fined US$1 billion by the United States government for mishandling of mortgages and automobile loans. Wells Fargo is also ordered to reimburse customers who were overcharged.
Wells Fargo reports finding an additional 1.4 million potentially fake bank and credit card accounts, bringing the total problematic accounts to approximately 3.5 million.
The scandal over improper practices of unauthorized accounts at Wells Fargo extends to thousands of small-business owners.
Wells Fargo of the United States becomes the world's largest bank by market capitalisation, replacing the Industrial and Commercial Bank of China amid an economic slowdown in China. [http:--www.france24.com-en-20130724-wells-fargo-deposes-chinas-icbc-worlds-biggest-bank (AFP via France 24)]date=July 2019
For $8.5 billion, ten banks settle to stop mortgage foreclosure process audits. The United States government regulators had been engaged in a loan-by-loan review of home loan practices during the Great Recession. Bank of America, Citigroup Inc, JPMorgan Chase & Co, Wells Fargo & Co, MetLife Bank, Aurora Bank FSB, PNC Financial Services Group Inc, Sovereign Bank NA, SunTrust Banks Inc, and U.S. Bancorp settle with regulators to pay out cash up to $125,000 to homeowners whose homes were being foreclosed when the paperwork problems emerged. Further, Bank of America agrees to pay $11.6 billion to government mortgage finance company Fannie Mae.
Wells Fargo plans to move jobs to India and the Philippines.
American bank Wells Fargo admits it made mistakes in 55,000 real estate foreclosure cases.
The number of mortgage foreclosures in the United States in September 2010 exceeds 100,000 for the first time.
The Hong Kong Monetary Authority announces it is to tighten some rules on mortgage lending, signalling that it is concerned about the dangers of a real estate bubble in Hong Kong.