Wells Fargo is dramatically shrinking its home-lending business following a string of scandals and a record fine from the Consumer Financial Protection Bureau
Wells Fargo & Co.
is dramatically shrinking its home-lending business following a string of scandals and a recordGoing forward, the bank said it would largely focus on lending to existing customers and minority borrowers. It will no longer work with outside intermediaries who arrange loans on the bank’s behalf. The practice, known as correspondent banking, makes up nearly half of its mortgage originations.
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