SAN FRANCISCO (dpa-AFX) - Wells Fargo & Co. (WFC) announced that it has finalized an agreement with attorneys general from 49 states and several federal agencies regarding mortgage servicing, foreclosure and origination issues.
Under the terms of the agreement, the company said it has made a financial commitment covering expanded refinance, modification and other customer relief options, and will implement comprehensive servicing standards.
Also, four other large mortgage servicers have reached agreements with the states and federal agencies, Wells Fargo stated.
Wells Fargo said that as part of the agreement, the participating attorneys general and federal agencies have agreed to release Wells Fargo from claims and allegations pertaining to servicing, modification and foreclosure practices, and also for certain claims related to the origination of mortgage loans.
Wells Fargo's commitment under its agreement is $5.3 billion, which is comprised of three components namely, Refinance Program, Consumer Relief Program and Foreclosure Assistance Payment.
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