WASHINGTON — President Trump on Friday promised no discount in “fines and penalties” towards the banking large Wells Fargo, apparently pushing again towards a report that his administration was reviewing whether or not the financial institution needs to be pressured to pay hefty fines for abusive mortgage lending practices.
Mr. Trump may have been referring to a Reuters report on Thursday that stated the performing head of the Client Monetary Safety Bureau, Mick Mulvaney, was reviewing the penalties for Wells Fargo’s mortgage abuses. The report was primarily based on data from three nameless sources.
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Earlier this yr, the financial institution stated it could provide refunds to homebuyers who had been improperly charged charges to be able to acquire low-rate mortgages, in accordance with the Reuters report.
Wells Fargo has been accused of wrongdoing in a collection of circumstances, together with one by which a couple of million fraudulent accounts had been created in shoppers’ names, and it was not instantly clear which case the president was tweeting about. Wells Fargo shares had been up barely noon on Friday.