Wells Agrees to Option ARM Settlement
Wells Fargo & Co. has reached a settlement with the state of Maryland over borrowers in payment-option adjustable-rate mortgages originated by two companies it previously acquired.

At issue were borrowers in negative-amortization option ARMs who allegedly were not told that their minimum payments weren't enough to cover the interest on their loans.

In addition to nearly $1 million in restitution, Wells has agreed to provide loan modifications to impacted borrowers using the federal loan modification program and its own proprietary modification program.
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