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The U.S. Department of Housing and Urban Development (HUD), Office of Inspector General (OIG), assisted the U.S. Department of Justice and the U.S. Attorney’s Office, Southern District of New York and Northern District of California, in conducting an investigation of Wells Fargo Bank, N.A.’s origination and underwriting of mortgage loans insured by the Federal Housing Administration (FHA).

Based in part on our review, the United States alleged that for certain loans, Wells Fargo failed to comply with HUD rules and regulations in originating and underwriting the loans for FHA insurance.  On April 8, 2016, Wells Fargo entered in to a settlement agreement with the United States.  Wells Fargo agreed to pay to the government $1.2 billion, of which FHA was to receive $642 million.