The banking unit of Wells Fargo & Co. is facing a lawsuit claiming it illegally reduced the size of customers’ home equity lines of credit.
The suit, which was filed in Illinois, claims Wells Fargo failed to accurately assess the value of customers’ houses before deciding to cut the size of their credit lines. San Francisco-based Wells Fargo is being accused of using unreliable computer models that wrongly valued home prices too low to justify cutting the size of customers’ loans.
August 20, 2009
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