Wells Fargo has admitted to its deceptive mortgage practices and agreed to pay the government ONE BILLION DOLLARS. Yes a billion dollars. Years of reckless underwriting, contributing to the financial crisis in 2008.
Now for the real question. If this was a small firm, wouldn't someone be going to jail? Why isn't anyone at Wells Fargo going to jail over this ADMITTED deception?
Wells Fargo admits deception in $1.2 billion U.S. mortgage accord | Reuters: