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A Win for Some New Jersey Homeowners!
Attorney General Announces Settlement with Wells Fargo Home Mortgage; Company Providing $67 Million in Loan Modifications, Paying State $3.98 Million TRENTON – Attorney General Paula T. Dow announced today that Wells Fargo Home Mortgage has agreed to provide New Jersey consumers with nearly $67 million in loan modifications and pay the state $3.98 million to resolve allegations that companies it acquired - Wachovia Corporation, Golden West and World Savings - deceptively marketed adjustable rate mortgage loans. Acquired in 2008 by Wells Fargo, the companies sold thousands of so-called “Pick-a-Payment” adjustable rate mortgages in New Jersey by touting the mortgages’ low monthly payment options. However, the companies failed to warn borrowers that choosing the minimum-payment option could lead to a treadmill of debt. Specifically, a borrower’s “low” monthly payment option often failed to cover the interest on his or her loan. This resulted in an increase in the loan’s principal balance, causing the monthly payment to spike well beyond what the consumer expected to pay. Some borrowers became delinquent and faced the prospect of foreclosure. Others ultimately lost their homes. “This case is part of our on-going effort to protect New Jersey consumers, and to assist homeowners who may have fallen victim ... more

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