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Phoenix Arizona Real Estate Blog | By Tenet Realty

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Federal prosecutors in Arizona said they reached a $4.3 million civil settlement with Wells Fargo Bank and Ticor Title Agency of Arizona this month that settles allegations that Wells Fargo submitted false claims to the Federal Housing Administration’s pre-foreclosure sales program.The program allows homeowners with FHA-backed mortgages to avoid foreclosure in some cases by conducting a short sale. If the sales price is not enough to pay off a loan, lenders submit an insurance claim to the FHA, which pays the lender the balance owing on the loan. The U.S. Attorney for the District of Arizona alleged that Well Fargo Bank submitted more than 70 false claims to the FHA’s pre-foreclosure sales program, and that Ticor Title prepared inaccurate escrow documents. Both companies denied the allegations, but agreed to settlements. Wells Fargo agreed to pay $4.05 million, and Ticor Title agreed to pay $265,370, prosecutors said.  http://www.inman.com/news/2008/06/30/wells-fargo-tico-in-hot-water-over-short-sales

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