Wells Fargo will pay $70 million to settle foreclosure investigation

Wells Fargo & Co. agreed to pay a $70 million penalty in ending the bank’s five-year fight to settle legal claims over foreclosure missteps after the 2008 credit crisis.

Regulators announced the fine for the San Francisco-based bank Wednesday as part of an agreement that also frees the nation’s biggest mortgage lender from loan servicing restrictions imposed last year.

The Office of the Comptroller of the Currency had accused Wells Fargo of failing to move fast enough in fixing deficiencies outlined in a series of settlements over improper activity including the robosigning of foreclosure documents.

Wells Fargo said it was pleased with the settlement.

Bloomberg News

This story was originally published May 25, 2016 at 2:23 PM with the headline "Wells Fargo will pay $70 million to settle foreclosure investigation."