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San Francisco-based bank Wells Fargo announced Wednesday that it has reached a billion-dollar settlement agreement to resolve claims surrounding its Federal Housing Administration lending activities.
According to a Securities Exchange Commission filing on Wednesday, Wells Fargo reached an agreement in principle with the U.S. Department of Justice, the U.S. Attorneys Office for the Southern District of New York, the U.S. Attorneys Office for the Northern District of California, and HUD. The SEC filing noted that Wells Fargo has agreed to pay 1 point 2 billion dollars to resolve civil claims that the Federal Government had pending against the bank concerning its lending program from 2001 to 2010, including other potential civil claims relating to the lender's FHA lending activities for other periods.
The 55 and older population is often overlooked—especially when the spotlight has been on millennials for so long—but they are a large part of the housing market. The National Association of Home Builders and American Community Survey data found that over 48 million households in the U.S. are headed by someone that is 55 or older, accounting for about 42 percent of all households.
