The 10-digit penalty marks an important milestone for the bank, but individual ex-bankers may still be at risk and grueling hearings lie ahead for current leadership.

A deferred-prosecution agreement with the Justice Department spares the bank a potential criminal conviction — provided it cooperates with continuing probes and abides by other conditions.

Wells Fargo & Co. is poised to pay roughly $3 billion to settle federal investigations into a range of consumer abuses that were rampant at the bank for years, according to a person with direct knowledge of the matter.

Mike Weinbach will lead consumer lending as part of a reorganization that will change the responsibilities of three longtime bank executives.

The city's decision to drop a lawsuit alleging predatory ending by Wells Fargo, JPMorgan Chase, Bank of America and Citigroup highlights the challenges municipalities face in taking on deep-pocketed financial institutions.

Fourth quarter gain on sale margin moved in opposite directions at two of the nation's largest banks, falling 9% quarter-over-quarter at JPMorgan Chase, but increasing 25% at Wells Fargo.

Wells Fargo, which contested the prior sale of a Manhattan, Kan., home for only $1 in a foreclosure auction, was the winning bidder at a new sheriff sale for the property.

Bridge REIT LLC is sponsoring a $449.6 million bridge-loan securitization backed mostly by transitional multifamily properties.

The city of Philadelphia and Wells Fargo have agreed to resolve a 2017 lawsuit in which the city accused the bank of violating the Fair Housing Act by steering minority borrowers into risky, high-cost loans.

Without admitting wrongdoing, the bank has agreed to contribute $10 million to city programs promoting homeownership for low- and moderate-income residents.

Mortgage-bond investors will need to absorb about 26% more agency MBS supply in 2020 as both home sales and prices continue to climb, according to the average estimate of six of Wall Street's biggest dealers.

The latest deal, WFCM 2019-C54, involves 44 loans secured by 88 properties, with a heavy exposure to office (32%), multifamily (21.1%) and retail (17.9%) properties.

The latest deal, WFCM 2019-C54, involves 44 loans secured by 88 properties, with a heavy exposure to office (32%), multifamily (21.1%) and retail (17.9%) properties.

Single-family mortgage production this year is expected to be 3% higher than anticipated last month, according to Fannie Mae, which revised its estimates based partly on a stronger housing outlook.

Homebuilder sentiment climbed to the highest level since February of last year as cheaper borrowing costs and a still-sturdy job market lifted measures of prospective buyer traffic, sales and the demand outlook.

Origination volumes continued to drift upward at JPMorgan Chase and Wells Fargo in the third quarter as mortgage servicing rights values fell more sharply than some analysts expected.

Charles Scharf’s most immediate priorities will be mending fences with regulators and getting the bank out from under a Fed-imposed asset cap. But he also must come up with strategies for spurring revenue growth and reining in expenses.

Scharf next month will become the fourth leader at Wells Fargo in three years. Meanwhile, Bank of New York Mellon has named Thomas P. "Todd" Gibbons as acting chief executive.

Sentiment among homebuilders climbed to the highest in almost a year on stronger current sales momentum, adding to signs that lower mortgage rates are giving the industry a boost.

California Attorney General Xavier Becerra filed a brief Thursday in support of Oakland's lawsuit against Wells Fargo, alleging that the bank illegally discriminated against minority borrowers.