Wells Fargo Shuns Peers’ Settlement in U.S in Mortgage

Following two years in which its big-bank peers paid almost $2 billion to resolve fraud accusations by the Federal Housing Administration, Wells Fargo & Co. has decided it isn’t giving up so easily.

Wells Fargo was one of five banks that agreed in 2012 to a nationwide, $25 billion settlement with the Justice Department over mortgage wrongdoing that included botched foreclosures. The FHA then took additional action against four of the banks, including Wells Fargo, for related housing-crisis wrongdoing. Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co. decided to settle those matters. San Francisco-based Wells Fargo, which argued the nationwide settlement should have blocked the new FHA claims against it, chose to fight.