Wells Settles in FL for Wachovia Pay Option Loans

The piper starts being paid: ``More than 4,000 Florida homeowners will be eligible for loan modifications and mortgage-balance forgiveness totaling nearly $388 million under an agreement Wells Fargo Bank reached with eight states, Florida Attorney General Bill McCollum said Wednesday. The pact settles allegations of deceptive marketing of option adjustable rate loans. These "pick-a-payment" mortgages helped fuel the devastating housing downturn that began in 2006.''