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Wells Fargo Faces California Claims on Mortgage Interest Payments

Sept. 12, 2017, 3:18 PM

Wells Fargo must face claims that it violated California law by failing to properly alert borrowers that it would collect interest payments for a short time after they paid off federally insured mortgages, a federal judge said Sept. 11 (Fowler v. Wells Fargo Bank, N.A., N.D. Cal., 17-cv-02092, 9/11/17).

The suit in the U.S. District Court for the Northern District of California, which plaintiffs’ counsel said could seek as much as $40 million in damages, is similar to a separate action against Wells Fargo involving Texas law that’s also in the Northern District, as well as another lawsuit...

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