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Wells Fargo, the largest U.S. home lender, and several investment banks that underwrote the securities were sued in 2009 over alleged violations of securities laws in connection with sales of $36 billion in mortgage pass-through certificates in 2005 and 2006.
Is it true, Wells Fargo agreed to pay only a $125 million to settle accusations by investors that the bank misled them about the risks of mortgage-backed securities it sold?
Bank of America Corp. agreed on June 29 to pay $8.5 billion to resolve investor claims over sales of bonds backed by home loans by Countrywide Financial Corp., which it had acquired in 2008. The settlement covers 530 mortgage trusts
with an original loan balance of $424 billion, the bank said.
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