CNNMoney tells MHProNews a lawsuit filed by the U.S. government against Wells Fargo accuses the giant lender of intentionally concealing bad loan information on 6,320 risky loans which eventually cost the government $190 million for defaulted home mortgages. Filed in the Southern District Court of New York, the complaint alleges the “extremely poor quality of Wells Fargo’s loans was a function of management’s nearly singular focus on increasing the volume of FHA originations — and the bank’s profits — rather than on the quality of the loans.” Wells Fargo has denied the allegations. Citigroup paid $158 million in Feb. 2012 for defrauding FHA; Deutsche Group paid $202 million in May 2012 to settle charges it lied to qualify risky mortgages that also defrauded FHA.

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