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April 10, 2012

Wells Fargo Ordered to Pay $3.1 Million for Mortgage Abuses 
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Huffington Post is reporting a federal bankruptcy judge in Louisiana has
ordered Wells Fargo to pay $3.1 million in punitive damages, one of the
biggest fines ever for mortgage servicing misconduct. Judge Elizabeth
Magner characterized Wells Fargo's behavior as "highly reprehensible."
Magner wrote: "Wells Fargo has taken advantage of borrowers who rely on
it to accurately apply payments and calculate the amounts owed. But
perhaps more disturbing is Wells Fargo's refusal to voluntarily correct
its errors."



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