Maryland Attorney General Doug Gansler Announces Wells Fargo Mortgage Settlement

BALTIMORE -- Maryland Attorney General Doug Gansler has announced an agreement with Wells Fargo relating to allegedly deceptive marketing of adjustable rate mortgages written by companies it acquired in 2008.

Gansler said Thursday that the settlement involves mortgages written by Wachovia and Golden West Financial.

Gansler says the settlement will create loan modifications for some customers. He also says Wells Fargo has agreed to pay about $940,000 for restitution to "Pick-a-Payment" borrowers who lost their homes in foreclosure.

The attorney general's Consumer Protection Division says Wachovia and Golden West did not fully explain to borrowers who chose a loan with payments that were less than the interest actually due that their minimum payments would not cover the full interest and that their principal debt would actually increase over time.

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Comments

[Siebenstein]

08:39 PM on 01/09/2012

Is our AG sleeping ?

Kamala Harris are you there?

[jeanne7]

03:18 PM on 01/11/2012

You need to write a letter to your AG and tell him that he's doing a disservice to the state he represents and the people with it.

Unless of course he gets paid big bucks to make that deal....then we're all doomed. I can't wait for this economy to "crash" again. It's going to happen.