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Appeals court: Wells Fargo cannot avoid new govt allegations stemming from mortgage crisis

A federal appeals court says Wells Fargo cannot avoid new allegations of misconduct stemming from the mortgage crisis even though the bank has already paid $5 billion in a national settlement between the government and financial institutions.

After the 2012 settlement, the government filed a wide-ranging complaint against Wells Fargo in federal court in New York alleging further wrongdoing, this time on the bank's origination and underwriting of thousands of individual, federally insured mortgages.

Wells Fargo said its prior settlement broadly released the bank from liability for any company-wide conduct having to do with false annual certifications to the government.

In a 3-0 ruling, the U.S. Court of Appeals for the District of Columbia Circuit says the settlement was much narrower.

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Loan Type Graph Rate +/- Last Week
30 Y Fixed Graph 3.98% up 3.93%  
15 Y Fixed Graph 3.04% -- 3.04%  
30 Y Fixed Jumbo Graph 4.22% dw 4.51%  
5/1 ARM Graph 3.30% dw 3.69%  
5/1 Jumbo ARM Graph 3.13% dw 3.36%  
Loan Type Graph Rate +/- Last Week
$30K HELOC Graph 4.32% up 4.31%  
$50K HELOC Graph 4.06% -- 4.06%  
$30K Loan Graph 5.05% dw 5.08%  
$50K Loan Graph 4.48% dw 4.50%  
$75K Loan Graph 4.50% dw 4.52%  
Loan Type Graph Rate +/- Last Week
36 M New Graph 2.94% -- 2.94%  
36 M Used Graph 3.48% up 3.46%  
48 M New Graph 3.22% -- 3.22%  
48 M Used Graph 3.04% -- 3.04%  
60 M New Graph 3.24% -- 3.24%  
Loan Type Graph Yield +/- Last Week
6 month Graph 0.39% up 0.38%  
1 yr Graph 0.71% up 0.71%  
5 yr Graph 1.50% -- 1.50%  

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