Wells Fargo, the home lender that agreed to refinance mortgages after an investigation into the unsavory practices of the industry, may forgo as much as $2 billion in interest, $300 million more than previously estimated, Bloomberg News reported.
The lost interest may range from $1.8 billion to $2 billion in future years, or $181 million to $201 million annually, a release from the San Francisco-based Wells Fargo said today, the news service also reported. As many as 36,000 borrowers may get their interest rates cut.
The program is part of a $25 billion mortgage settlement in February by five banks with 49 states and the federal government.
