2012-10-09bloomberg.com

``"As the complaint alleges, yet another major bank has engaged in a longstanding and reckless trifecta of deficient training, deficient underwriting and deficient disclosure, all while relying on the convenient backstop of government insurance," Bharara said in the statement.

The suit undermines San Francisco-based Wells Fargo's reputation as a lender that avoided some of the industry's worst underwriting practices and threatens to compound the bank's costs as the government completes probes of the housing bubble's collapse. ''


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