ALEXANDRIA, Va. (CN) - Old Republic National Title Insurance defrauded Wells Fargo by selling bogus loans containing defective titles or multiple notes, the bank claims in Federal Court. Wells Fargo claims Old Republic conspired with TitlePro Inc. to issue defective titles that ended up costing Wells Fargo $9.7 million in defaults.
The defendant companies allegedly sold multiple first-lien notes on the secondary loan market, and kept money from borrowers who thought they were paying off old liens.
Wells Fargo seeks punitive damages and attorney fees. It is represented by William Copley with Gilbert Oshinsky.
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