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Wells Fargo Home Mortgage has agreed to a settlement with the California Attorney General’s office that would pay restitution to more that 12,000 borrowers who lost their homes to foreclosure. The loans that were provided to these borrowers were adjustable rate mortgages with low “teaser rates” that would allow them to qualify for the loan, but where the payments would skyrocket after the initial period. Additionally, the settlement will provide for loan modifications to 14,900 borrowers who are now struggling with payments on these types of loans.
Read the CNN Money article on this story in its entirety by clicking here.
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