The Department of Justice (DOJ) announced on Aug. 1. that Wells Fargo agreed to pay a civil penalty of $2.09 billion for their role in misrepresenting mortgage loans, which ultimately contributed to the 2008 financial crisis.
Company executives were well aware their residential mortgage loans contained “misstated income information” which led to investors suffering from billions of dollars in losses from investing in residential mortgage-backed securities (RMBS).
