Remember the Subprime Mortgage Meltdown?

Wells Fargo just got nailed:

U.S. Attorneys » Northern District of California » News
Department of Justice
U.S. Attorney’s Office
Northern District of California

Wednesday, August 1, 2018

Wells Fargo Agrees To Pay $2.09 Billion Penalty For Allegedly Misrepresenting Quality Of Loans Used In Residential Mortgage-Backed Securities

SAN FRANCISCO-The Justice Department announced today that Wells Fargo Bank, N.A. and several of its affiliates (Wells Fargo) will pay a civil penalty of $2.09 billion under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) based on the bank’s alleged origination and sale of residential mortgage loans that it knew contained misstated income information and did not meet the quality that Wells Fargo represented. Investors, including federally insured financial institutions, suffered billions of dollars in losses from investing in residential mortgage-backed securities (RMBS) containing loans originated by Wells Fargo.

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Remember the Subprime Mortgage Meltdown?