AG Gansler: Wells Fargo Settles Over “Pick-a-Payment” Mortgages

BALTIMORE, MD – January 5, 2012 – (RealEstateRama) — Attorney General Douglas F. Gansler announced today that his Consumer Protection Division has entered into an agreement with Wells Fargo over the allegedly deceptive marketing of adjustable rate mortgages written by Wachovia and Golden West Financial, companies that Wells Fargo acquired in 2008. In addition to loan modifications for certain consumers, Wells Fargo has agreed to pay $940,056 to the Office of the Attorney General for restitution to “Pick-a-Payment” borrowers who lost their homes in foreclosure.