Wells Fargo and Mortgage Investors Corporation settle for $161.7 Million
The whistleblowers alleged in this case that Wells Fargo and Mortgage Investors Corporation illegally charged veteran borrowers hidden fees on refinanced home loans guaranteed back by the Veterans Administration. Six other banks settled for a total of $161.7 million dollars who were also sued by W&G for similar VA mortgage refinance fraud. The Wells Fargo case was settled in August 2017 for $108 million after years of rigorous litigation. The whistleblowers were VA mortgage brokers who gained first-hand knowledge about the illegal practices of Wells Fargo over the course of several years. The information they brought forward not only returned over $200 million to the taxpayers, it has armed tens of thousands of veterans with the knowledge that they were being cheated by bug banks who were issuing VA refinance loans that were guaranteed by the U.S. Government.