Keyword: wellsfargo

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  • Exclusive: Wells Fargo to shut its 'dark pool' as demand falls

    10/31/2014 8:43:15 PM PDT · by TigerLikesRooster · 36 replies
    Reuters ^ | Thu Oct 16, 2014 | John McCrank
    Exclusive: Wells Fargo to shut its 'dark pool' as demand falls By John McCrank NEW YORK Thu Oct 16, 2014 6:44pm EDT (Reuters) - Wells Fargo (WFC.N) is closing down its alternative trading system, or "dark pool," due to decreased customer demand, the company said on Thursday. The San Francisco-based bank will still offer its clients a full suite of electronic trading tools to help them execute orders, but will stop offering access to the company's dark pool on Friday, a spokeswoman from the bank told Reuters.
  • Yeah, We All Know The REAL Reason This New Mexico Bank Voluntarily Took Down Its American Flag

    03/28/2014 6:15:55 PM PDT · by DocJhn · 22 replies
    http://www.ijreview.com/ ^ | 3/29/14 | Mike Miller
    Wells Fargo’s bank in New Mexico has taken down the American flag that was hanging inside the building for six years. It says “a few people” complained that the flag was “offensive.” When questioned as to why the flag was offensive, the bank refused to provide an answer.
  • Wells Fargo cuts 700 mortgage jobs

    02/27/2014 5:50:54 AM PST · by 2ndDivisionVet · 16 replies
    The Minneapolis/St Paul Star Tribune ^ | February 27, 2014 | Jennifer Bjorhus
    Wells Fargo cuts 700 employees, including 203 in the Twin Cities, as demand for mortgages declines.Wells Fargo & Co. said Wednesday that it is cutting 700 employees, including 203 in the Twin Cities, as demand for mortgages continues to shrink. The San Francisco-based bank said it notified affected employees Wednesday, and that almost all of them work at the Wells Fargo Home Mortgage campus in south Minneapolis. Some work elsewhere in the Twin Cities. The cuts follow scattered layoffs in the Twin Cities in January in which Wells Fargo laid off fewer than 30 mortgage-related workers. “We currently expect mortgage...
  • Wells Fargo, America's Largest Bank By Market Cap, Pushing To Offer Bitcoin Services

    01/15/2014 7:15:24 AM PST · by Errant · 11 replies
    Zero Hedge ^ | 14 January, 2014 | Tyler Durden
    Earlier we pointed out that mortgage origination at Wells Fargo - the bank's bread and butter - is crashing at an unprecedented pace, and as per the conference call, Q1 isn't looking any better. Naturally, it stood to reason that the bank would seek alternative business and product lines to supplant the declining revenue it used to generate when it would originate some $100 billion in mortgages every quarter, now half that number. However, not even in our wildest dreams did we predict just what this "alternative" product would be. Because, as the FT reports, Wells Fargo, the largest US...
  • GLAAD Supports Wells Fargo: Boycott Wells Fargo

    12/31/2013 6:15:21 AM PST · by Tcinajeep · 16 replies
    Freeping ^ | 12/31/2013 | Tcinajeep
    GLAAD thanks for their financial support Comcast / NBC, Kettle One (Diageo), the Gill Foundation and Wells Fargo.
  • Too Big To Fail Banks Are Taking Over As Number Of U.S. Banks Falls To All-Time Record Low

    12/07/2013 10:37:20 AM PST · by SeekAndFind · 21 replies
    TEC ^ | 12/06/2013 | Michael Snyder
    <p>The too big to fail banks have a larger share of the U.S. banking industry than they have ever had before. So if having banks that were too big to fail was a "problem" back in 2008, what is it today? As you will read about below, the total number of banks in the United States has fallen to a brand new all-time record low and that means that the health of the too big to fail banks is now more critical to our economy than ever. In 1985, there were more than 18,000 banks in the United States. Today, there are only 6,891 left, and that number continues to drop every single year. That means that more than 10,000 U.S. banks have gone out of existence since 1985. Meanwhile, the too big to fail banks just keep on getting even bigger. In fact, the six largest banks in the United States (JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley) have collectively gotten 37 percent larger over the past five years. If even one of those banks collapses, it would be absolutely crippling to the U.S. economy. If several of them were to collapse at the same time, it could potentially plunge us into an economic depression unlike anything that this nation has ever seen before.</p>
  • RMBS: Fannie Risk-Sharing Notes Trade Tighter As Wells Fargo Cuts More Home Loan Jobs

    10/17/2013 9:57:17 AM PDT · by whitedog57 · 3 replies
    Confounded Interest ^ | 10/17/2013 | Anthony B. Sanders
    Fannie Mae Risk-sharing Notes are trading tighter, according to analysts at Credit Suisse. Mid-market spreads for Fannie Mae risk-sharing CAS securities tighter than pricing levels on Oct. 15, Credit Suisse analysts say in report today. • M1 at +167bps vs. +200 • M2 at +482bps vs. +525 • Both had priced “significantly tighter than initial guidance” • CS, BofAML were joint leads • Freddie Mac STACR indicative levels at +210, +535, CS says • Priced at +340, +715 in July • NOTE: ~75 investors participated in $675m Fannie deal, ~50 in $500m Freddie deal, meaning typically only small blocks trade,...
  • Wells Fargo Home Mortgage cuts 332 Twin Cities jobs

    09/19/2013 4:29:45 PM PDT · by TurboZamboni · 6 replies
    Pioneer Press ^ | 9-19-13 | John Welbes
    Wells Fargo Home Mortgage said Wednesday it will cut 332 more jobs at its offices in the Twin Cities. The cuts follow a decline in mortgage refinancing activity throughout 2012 and in early 2013, Peggy Gunn, a Wells Fargo spokeswoman, said in an email Wednesday. The cuts will take place over the next 60 days. The layoffs at Wells Fargo Home Mortgage follow an announcement of 350 job cuts in the same division July 18.
  • Calif. city looks to seize loans to ease mortgages (Richmond)

    08/25/2013 9:53:31 AM PDT · by Olog-hai · 29 replies
    Associated Press ^ | Aug 25, 2013 9:39 AM EDT | Paul Elias
    When the mayor of Richmond, Calif., and a gaggle of activists and homeowners showed up at the Wells Fargo Bank headquarters in downtown San Francisco this month, they were on a mission to speak with the bank’s chief executive. They wanted the bank to drop a lawsuit aimed at stopping Richmond’s first-in-the-nation plan to use the government’s constitutional power of eminent domain to “seize” hundreds of mortgages from Wells Fargo and other financial institutions. … Wells Fargo, three other banks and even the Federal Housing Finance Agency think otherwise. The banks have filed two lawsuits alleging that the plan is...
  • Wells Fargo to cut 2,300 mortgage jobs as refinancing slows

    08/21/2013 6:44:07 PM PDT · by xzins · 17 replies
    Reuters ^ | 21 Aug 13 | Peter Rudegeair
    Wells Fargo & Co, the largest mortgage lender in the United States, will cut 2,300 jobs in its home loan business because fewer customers are refinancing as interest rates rise, according to an internal memo reviewed by Reuters. The cuts would represent around 3.3 percent of the bank's consumer lending employees, the bank said. Although the bank does not disclose how many of its staff work in home loans specifically, Wells Fargo had over 11,000 mortgage loan officers on its payroll at the end of March. Mortgage refinancing made up more than 70 percent of U.S. home lending volume in...
  • Memphis Bank Robber Blames George Zimmerman, Leads Police on Chase, Shoots Himself (VIDEO)

    08/03/2013 2:33:40 PM PDT · by 2ndDivisionVet · 41 replies
    Guns.com ^ | August 3, 2013 | Jennifer Cruz
    Amerson’s son, Marvin said, “He just wanted the best for us all, but just went the wrong way.”A bank robbery in East Memphis last week ended in the suspect killing himself, but not before taking off with a bag of money and terrorizing employees and customers in the bank. On July 23, just before 10:00 a.m. the suspect walked into the Wells Fargo armed with a gun. “He just forced me to the ground and he said, ‘Blame this on George Zimmerman,’” one of the victims told the 911 dispatcher. “I thought he was going to shoot all of us,”...
  • Mortgage Market Shrinking? Wells and Citi Reduce Mortgage Units as Rates Rise

    07/22/2013 2:36:10 PM PDT · by whitedog57 · 7 replies
    Confounded Interest ^ | 07/22/2013 | Anthony B. Sanders
    I was on Fox Business with Connell McShane and Dagen McDowell talking about the low homeownership rates for Millenials. I mentioned that mortgage rates are expected to rise, hindering a housing recovery. On that note, Kate Berry at American Banker wrote today about the shrinking of mortgage units at lenders. “Wells Fargo (WFC) and Citigroup (NYSE:C) are laying off hundreds of employees at their mortgage units, one of the most tangible signs yet of the falloff in refinancings and the painful shift underway in the mortgage market.” In the latest Mortgage Bankers survey, mortgage purchase applications remain in a rut...
  • Perez Framed Lenders As Racist In $600 Mil Shakedown

    05/20/2013 6:34:10 PM PDT · by jazusamo · 17 replies
    Investors.com ^ | May 20, 2013 | Paul Sperry
    New evidence has emerged that Assistant Attorney General Thomas Perez may have improperly prosecuted Wells Fargo, Bank of America and dozens of other banks for lending discrimination by using deficient mortgage data in investigations. IBD has learned the special prosecutor spearheading Perez's record number of statistics-based cases of racism against lenders told federal bank regulators in 2010 he lacked key home loan data needed to conduct the kind of iron-clad "regression analyses" that would hold up in court. Still, Perez's civil-rights division used the shaky data to force bank defendants into a record $600 million in settlements, including loan set-asides...
  • Bankers Club: TBTF Wells Fargo Biggest Partner Of Fannie, Freddie and FHA

    04/16/2013 10:46:18 AM PDT · by whitedog57
    Confounded Interest ^ | 04/16/2013 | Anthony B. Sanders
    HUD Secretary Shaun Donovan said Congress and the Administration “should move forward this year with plans for overhauling the U.S. mortgage finance system,” including GSEs Fannie Mae and Freddie Mac, which were “seized by the government in 2008.” Donovan is quoted as saying, “Reform of the failed model of the GSEs, the private gains and socialized losses model, is a top priority and it’s critical that we make progress this year toward that goal.” There have been rumblings of GSE “reform” for the past several years. But the stock answer has been “But not now.” Fannie Mae’s record profits for...
  • Oregon Woman Wins 3-Year Fight Against Wells Fargo Foreclosure

    04/16/2013 8:12:10 AM PDT · by Altariel · 13 replies
    Yahoo! ^ | April 15, 2012 | Susanna Kim
    A woman in Tualatin, Ore., is breathing a sigh of relief after a three-year battle to prove Wells Fargo had wrongfully moved to foreclose on her home, saying she had missed mortgage payments. A judge ruled Wednesday that Wells Fargo failed to prove she was actually behind in her payments, which Delores Dingman, 80, attributes to the bank's simple "accounting errors." "I just praise God for it all because I kept praying so many times about this, because I knew I had made the payments, but their accounting errors made it hard," she said.
  • First Union, Bear, Stearns Price Securities Offering Backed By Affordable Mortgages (1997)

    09/25/2008 5:58:18 AM PDT · by FreedomPoster · 3 replies · 1,173+ views
    Press Releases Media Contact:   Mark Folk (704) 383-7088 October 20, 1997First Union Capital Markets Corp., Bear, Stearns & Co. Price Securities Offering Backed By Affordable Mortgages Unique Transaction To Benefit Underserved Housing Market CHARLOTTE - First Union Capital Markets Corp. and Bear, Stearns & Co. Inc. have priced a $384.6 million offering of securities backed by Community Reinvestment Act (CRA) loans - marking the industry's first public securitization of CRA loans. The affordable mortgages were originated or acquired by First Union Corporation and subsidiaries. Customers will experience no impact - they will continue to make payments to and be...
  • EU: Cyprus has finally killed myth that EMU is benign

    03/28/2013 2:24:01 AM PDT · by bruinbirdman · 16 replies
    The Telegraph ^ | 3/27/2013 | Ambrose Evans-Pritchard, in Tokyo
    <p>The punishment regime imposed on Cyprus is a trick against everybody involved in this squalid saga, against the Cypriot people and the German people, against savers and creditors. All are being deceived.</p>
  • Wells Fargo warns of ongoing DDOS attacks

    03/27/2013 7:16:34 AM PDT · by Perdogg · 17 replies
    Wells Fargo warned on Tuesday that its website is being targeted again by a distributed denial-of-service (DDOS) attack. The bank said most of its customers were not affected. “For customers who are having difficulty accessing the site and mobile banking, we encourage them to try logging on again as the disruption is usually intermittent,” Wells Fargo said in a statement. Wells Fargo is one of several large U.S. banks that have been targeted by cyberattacks in the past six months. A group claiming responsibility for the attacks, the Izz ad-Din al-Qassam Cyber Fighters, said Wells Fargo is being targeted due...
  • Wells Fargo Typo Victim Dies in Court

    03/11/2013 6:00:19 PM PDT · by null and void · 46 replies
    LA Weekly ^ | Thursday, Mar 7 2 | Jessica Ogilvie
    The bank billed Larry Delassus $13,361 owed by his neighbor, then foreclosed On the morning of Dec. 19, 2012, in a Torrance courtroom, Larry Delassus' heart stopped as he watched his attorney argue his negligence and discrimination case against banking behemoth Wells Fargo. His death came more than two years after Wells Fargo mistakenly mixed up his Hermosa Beach address with that of a neighbor in the same condo complex. The bank's typo led Wells Fargo to demand that Delassus pay $13,361.90 ­— two years of late property taxes the bank said it had paid on his behalf in order...
  • Dale Robertson leaves legacy of classic Western TV shows

    02/28/2013 5:41:55 AM PST · by KeyLargo · 13 replies
    CS Monitor ^ | Feb 28, 2013 | Ken Miller
    Dale Robertson leaves legacy of classic Western TV shows Ken Miller, Associated Press / February 28, 2013 Dale Robertson started in the movies, including such roles as Jesse James in "Fighting Man of the Plains. Dale Robertson moved into television, starring in series such as "Tales of Wells Fargo" (1957-62), "Iron Horse" (1966) and "Death Valley Days" (1968-70). Robertson died Tuesday. By Ken Miller, Associated Press / February 28, 2013 Actor Dale Robertson in 1964. Robterson became a star of television and movie Westerns during the genre's heyday, died Feb. 26, 2013. Robertson's niece, Nancy Robertson, said her uncle died...
  • The Seven Safest Banks in America for 2013

    02/26/2013 8:36:26 AM PST · by SeekAndFind · 12 replies
    Wall Street 24X7 ^ | 02/26/2013
    The U.S. banking sector is looking better in 2013 than it did in 2012, 2011 and so on. Balance sheets, credit metrics and underlying asset values continue to recover. Still, the recession was not that long ago and economic growth has hit serious headwinds. The public needs to be vigilant about financial risk ahead of another round of major U.S. bank stress tests. Regulators will soon decide which of the large American banks will be permitted to return more capital to their shareholders via higher dividends and stock buybacks. 24/7 Wall St. has recalibrated its list of the seven safest...
  • Wells Fargo CEO: Get gov’t out of “the home loan business”

    01/07/2013 12:25:29 PM PST · by SeekAndFind · 11 replies
    Hotair ^ | 01/07/2013 | Ed Lasky
    Policy-wise, this is an oldie but a goodie, I guess, even though we’re still spending tons of money on Freddie Mac and Fannie Mae more than four years after the crash. Wells Fargo CEO Robert Kovacevich can't believe that we haven't learned the lesson from 2008 and gotten the government out of the home mortgage industry, and tells CNBC's Squawk Box that the two organizations made that crash exponentially worse than it needed to be: CLICK ABOVE LINK FOR THE VIDEO Fannie Mae and Freddie Mac exacerbated the 2008 mortgage crisis, and that’s why the U.S. government should get out...
  • Holder Brags About Burning 3,000 Bankers At the Stake

    01/03/2013 9:07:52 AM PST · by yoe · 16 replies
    IBD ^ | January 2, 2013 | Paul Speery
    In an end-of-year press release — posted under the banner headline "Accomplishments Under the Leadership of Attorney General Eric Holder" — the Justice Department boasts of charging "nearly 3,000" bankers with lending discrimination and fraud. [snip] But none of the race-bias cases highlighted by the administration was litigated in court. Evidence was never presented or tested, nor guilt ever proven. What's more, no incident of discrimination was ever specified, and no individual complainants or victims of discrimination were ever identified. All the major defendants — Bank of America, Wells Fargo and SunTrust Mortgage — settled while strongly denying Holder's allegations...
  • Feds allege mortgage loan fraud at Wells Fargo (Warren Buffet part-owner)

    10/10/2012 7:28:19 AM PDT · by Liz · 22 replies
    NY POST ^ | 10/10/12 | MARK DECAMBRE AND BRUCE GOLDING
    The nation’s biggest bank and its largest mortgage lender, was charged by federal prosecutors with running a decade-long mortgage fraud involving recklessly underwritten US-insured home loans to fatten its bottom line.
  • Wells Fargo Mistakenly Cleans Out Retired Couple's Home Twice

    09/09/2012 5:03:09 AM PDT · by Altariel · 30 replies
    Yahoo! ^ | September 7, 2012 | Susanna Kim
    Alvin and Pat Tjosaas, a retired couple in Woodland Hills, Calif., had the bad luck of having their home mistaken for a neighboring foreclosed home and being cleared by contractors hired by Wells Fargo -- not once but twice. The Tjosaas' home before contractors mistakenly cleared it. (Courtesy Pat Tjosaas) A retired bricklayer, Alvin Tjosaas, 77, was the caretaker of his late parents' two-bedroom home in Twentynine Palms, about 200 miles east of his home in Woodland Hills, north of Los Angeles. He is a part owner of the home with his sisters. Alvin Tjosaas visited the home every four...
  • Owners Lose Possessions After Home Near Twentynine Palms Is Mistakenly Foreclosed

    09/06/2012 9:46:03 PM PDT · by rawhide · 71 replies
    The owners of a modest home near Twentynine Palms lost their cherished possessions after a bank mistakenly foreclosed their residence. A crew broke into Alvin and Pat Tjosaas’ desert home and took everything after being directed by Wells Fargo to secure the structure. The couple, however, didn’t have a mortgage on the home. Alvin said the deputy sheriff said, “Good news, we know who took (your possessions)…Wells Fargo. Bad news, your stuff is all gone.” All the married couple has now are three generations of memories. Alvin, a retired mason, built the home with his father when he was a...
  • The UN Plan For Human Settlements (Obama Plan)

    05/15/2010 7:56:54 PM PDT · by bronxville · 71 replies · 1,030+ views
    Berit Kjos ^ | ,June 1996 | Berit Kjos
    Bicycles instead of cars? Dense apartment clusters instead of single homes? Community rituals instead of churches? "Human rights" instead of religious freedom? The UN Conference on Human Settlements (Habitat II) which met June 3-14 [1996]in Istanbul, painted an alarming picture of the 21st century community. The American ways-free speech, individualism, travel, and Christianity-are out. A new set of economic, environmental, and social guidelines are in. Citizenship, democracy, and education have been redefined. Handpicked civil leaders will implement UN "laws", bypassing state and national representatives to work directly with the UN. And politically correct "tolerance"-meaning "the rejection of dogmatism and absolutism"...
  • Wells Fargo fires worker for 1963 crime

    08/27/2012 7:06:53 PM PDT · by HereInTheHeartland · 41 replies
    excerpt: DES MOINES, Iowa — Wells Fargo Home Mortgage has fired an Iowa worker over a 1963 incident at a laundry in the wake of new employment guidelines. Read more: http://www.kcci.com/news/central-iowa/Wells-Fargo-fires-worker-for-1963-crime/-/9357080/16281692/-/dny0ehz/-/index.html#ixzz24noXiio7
  • Wells Fargo to pay $175M in lending settlement

    07/13/2012 6:54:08 AM PDT · by SoFloFreeper · 13 replies
    boston.com ^ | 7/13/12 | Pete Yost
    Wells Fargo Bank will pay at least $175 million to settle accusations that it discriminated against African-American and Hispanic borrowers in violation of fair-lending laws, the Justice Department announced Thursday.
  • REPORT: MASSIVE MOODY'S BANK DOWNGRADES TO HIT IN A FEW MINUTES

    06/21/2012 1:32:22 PM PDT · by SeekAndFind · 44 replies
    Business Insider ^ | 06/21/2012 | Eric Platt
    Moody's Ratings is set to downgrade the world's largest banks at 4 p.m., according to new reports out of CNBC. The network says sources tell it Citi, J.P. Morgan Chase, and Goldman Sachs will be hit with two notch downgrades. Bank of America is expected to be cut one notch by Moody's. Morgan Stanley, which is also on the list of banks Moody's said it would take action against, is said to be downgraded as well. Nine European banks are expected to be included in the downgrade, which earlier reports noted would include Barclay's, UBS, HSBC, Lloyd's, and RBS.
  • Newbury Park Woman Faces Eviction After Husband’s Suicide

    05/17/2012 2:31:28 PM PDT · by Theoria · 14 replies
    CBS ^ | 16 May 2012 | CBS
    A woman is packing up her home after being served an eviction notice — a situation that drove her husband to commit suicide. “I lost my husband and it hurts me like hell,” said Oriane Rousseau, whose husband, Norman, took his life Sunday after an eviction notice was placed on their front door. Norman’s death has delayed the eviction but Oriane said it’s difficult for her to stay in the home where he died. “I don’t want this to happen to anybody. This is horrible. I lost my husband. I lose my pets, I lose my house, I lose my...
  • Is Wells Fargo a Lehman in the Making?

    05/03/2012 6:36:11 AM PDT · by SeekAndFind · 3 replies
    Naked Capitalism ^ | 05/03/2012 | Yves Smith
    Banking maven Chris Whalen has a must-read piece on the reckless real estate risk taking underway at Wells Fargo, the sanctimonious #4 bank. While I sometimes take issue with Chris on his readings on capital markets related businesses, he is solid on his knowledge of traditional banking and also has access to very good intelligence in that arena. Thanks to the crisis just past, we tend to think of banks as creating danger to bystanders via their over-the-counter trading operations: securitizations, CDOs, derivatives, all that stuff that is now loosely termed as “shadow banking.” But the US crisis prior to...
  • Occupy marches on Wells Fargo headquarters in S.F.

    04/24/2012 12:40:28 PM PDT · by SmithL · 14 replies
    San Francisco Chronicle ^ | 4/24/12 | Vivian Ho, Jill Tucker and Kevin Fagan, Chronicle staff writers
    SAN FRANCISCO -- Several hundred Occupy protesters massed in front of the downtown San Francisco headquarters of Wells Fargo Bank on Tuesday with the intention of disrupting a shareholders meeting there. Waving picket signs and broadcasting over speakers on a pickup truck parked in front of the 465 California St. bank building, demonstrators chanted, "Let us in," and, "They got bailed out, we got sold out." . . . More than a half-dozen protesters chained themselves to each other and were trying to block the entrances to Liedesdorff Alley, which shareholders have been using to gain access to the bank...
  • Male Suspect Wearing Muslim Garb Robs Philadelphia Bank

    04/16/2012 7:35:43 PM PDT · by DogByte6RER · 23 replies
    CBS Philly ^ | April 16, 2012 | CBS Philly
    Male Suspect Wearing Muslim Garb Robs Philadelphia Bank PHILADELPHIA (CBS) – Philadelphia police are searching for a male suspect who robbed a bank while fully clothed in Muslim garb. The robbery happened at about 11 a.m. on April 13th at the Wells Fargo Bank branch located in the 700 block of Adams Avenue. According to investigators, the suspect, wearing Muslim garb, entered the bank and presented a threatening demand note to a teller. After getting an undisclosed amount of cash, the suspect ran out of the bank and fled north on Tabor Road. The suspect is described as a black...
  • Wells Fargo to charge $7 fee on more checking accounts (Oh Yes It Is Obama's Fault!!!)

    03/08/2012 8:26:27 AM PST · by tobyhill · 29 replies
    cnn ^ | 3/8/2012 | By Blake Ellis
    Wells Fargo will start charging $7 a month for checking accounts in six more states, expanding on its efforts to do away with free checking accounts altogether. While Wells Fargo (WFC, Fortune 500) stopped offering free checking accounts to new customers in 2010, existing customers were able to hold onto their free accounts. But then last year, the bank transitioned a group of existing customers -- mainly in Western states -- to the same $7-a-month accounts that it provides new customers. And now existing customers in six more states are about to be hit with the fee. The bank wouldn't...
  • Things At Bank Of America Are So Bad, Merrill Lynch Brokers Want To Join... Wells Fargo

    02/18/2012 1:34:46 PM PST · by SeekAndFind · 3 replies · 1+ views
    Business Insider ^ | 02/18/2012 | Ben Walsh
    Earlier in the week, we posted the criticisms leveled at Bank of America by the former head of their Merrill Lynch brokerage unit, Lyle LaMothe. LaMothe said he grew weary of the emphasis on the "goals of the bank rather than specific needs of Merrill's brokers and clients" and that many brokers were dissatisfied. Following that post, we received a series of emails from a source close to the company backing up LaMothe's claims that Merrill Lynch brokers are increasingly unhappy at Bank of America. The source said that "many brokers are saying they are not happy with management and...
  • Berkeley considers closing its multimillion dollar Wells Fargo account . . .

    02/02/2012 9:32:19 AM PST · by SmithL · 13 replies
    Oakland Tribune ^ | 2/2/12 | Doug Oakley
    Berkeley considers closing its multimillion dollar Wells Fargo account over bank's handling of foreclosure crisis Berkeley is considering closing its Wells Fargo account worth $350 million and entrusting the money to a community bank or credit union, saying the bank is partly to blame for the financial crisis of the last four years.The City Council voted unanimously Tuesday night to study cutting ties with the bank and rewarding "responsible financial institutions" with its business. The city manager will return with a report in May on the feasibility of ending the 8-year-old contract, which is up for renewal at the end...
  • Minn. Somalis Close Well Fargo Accounts In Money Transfer Protest

    01/13/2012 4:48:20 PM PST · by ButThreeLeftsDo · 17 replies · 1+ views
    WCCO.com ^ | 1/13/12 | Edgar Linares
    At a mid-town Wells Fargo bank a large group of Minnesota Somalis gathered Friday to remove their money from the bank and protest. The group says Wells Fargo has been unwilling to work with them to get money to Somalia. Last December more than a dozen Twin Cities businesses known as Hawalas stopped offering money transfers to the east African Country. They stopped because of provisions aimed at keeping funds out of the hands of terrorists. “This is a humanitarian crisis,” said Abdirahman Muse, a former Wells Fargo customer. “Hawalas are the only way we can send money to our...
  • The watchdogs that didn't bark

    12/23/2011 9:01:22 AM PST · by DeaconBenjamin · 9 replies
    Reuters ^ | Thu Dec 22, 2011 2:15pm EST | By Scot Paltrow
    Years after the banking system nearly collapsed from reckless mortgage lending, federal prosecutors have stayed on the sidelines, even as judges point out apparent wrongdoing. The federal government has pursued few criminal cases against major lenders or senior executives for the meltdown. Finding hard evidence is difficult, the Justice Department said. The government hasn't prosecuted dubious foreclosure practices deployed since 2007 by big banks and other mortgage-servicing companies. Meanwhile, foreclosure-related case files in just one New York federal bankruptcy court hold at least 12 promissory notes bearing evidence of recently forged signatures and illegal alterations, according to a judge's rulings....
  • Corrupt from the top down!

    12/01/2011 6:25:24 AM PST · by TheDailyChange · 10 replies
    I wonder how much longer it will take before there is a rush where main street Americans are fed up and pull all their money from these Banking institutions which many contend are nothing more than Fraud / Bankster's. People in good faith have been trying for months/years to settle with Banks, HAMP, HARP,Yada..yada..yada government programs which have proven to be an utter failure. If Banks are unwilling to work with homeowners, at what point do you think homeowners will just say SUE ME? Good luck squeezing blood from a turnip so to speak.
  • 'Occupy Oakland' Smashes Wells Fargo Windows, Then Makes $20K Deposit [Official bank of Occupy]

    11/09/2011 4:06:47 PM PST · by NoLibZone · 14 replies
    Fox News ^ | Nov 9 2011
    Last week, one or more Occupy Oakland protesters smashed the windows of a Wells Fargo branch. This week, the group’s general assembly agreed — in a near-unanimous vote Monday — to temporarily place $20,000 of the group’s money in an account at the country’s fourth-largest bank holding company, Wells Fargo Bank. Whether the decision was an abandonment of the movement’s opposition to big banks or an ominous affirmation of the hold that big banks have on Americans, Twitter was ablaze with outrage last night, as news spread about the 162-8 vote, from which 16 people abstained.
  • Wachovia "pick-a-payment" class action lawsuit

    10/13/2011 7:52:28 AM PDT · by edcoil · 5 replies
    vanity | 10-13-2011 | edcoil
    Anyone else get a check from the pick-a-payment settlement administrator on some class action lawsuit? I did not even know there was a lawsuit going on and yet is says I have no further right to sue Wells Fargo or Wachovia. I know we have laws in this country where two parties cannot contract with each other burdening or charging a third party they are not aware of.
  • Debit Durbin

    09/30/2011 9:22:41 AM PDT · by WOBBLY BOB · 10 replies
    American Spectator ^ | 9-30-11 | John Berlau
    As I detailed here in February in "Dick Durbin Is Stealing Your Free Checking," thanks to price controls on debit card transactions from the Durbin Amendment of the 2010 Dodd-Frank "financial reform" law, free checking is going the way of the dodo bird. The Durbin price controls on interchange fees -- the so-called "swipe fees" that retailers pay to bank and credit unions that process debit card transactions, go into effect this Saturday, October 1, and are already showing more dire effects than originally predicted. Not only is free checking disappearing at a rapid pace -- a new Bankrate.com survey...
  • Watchdog: Regulators bowed to banks on bailout

    09/30/2011 5:58:16 AM PDT · by Toddsterpatriot · 3 replies
    AP ^ | September 30, 2011 | Marcy Gordon
    WASHINGTON (AP) -- Federal regulators bowed to pressure from big banks seeking a quick exit from the financial bailout program and did not uniformly apply the government's own conditions set for repaying the taxpayer funds, a new watchdog report says. The report was issued Friday by the office of Christy Romero, the acting special inspector general for the $400 billion taxpayer bailout of the financial industry and automakers. It found that regulators, to varying degrees, "bent" to pressure from the banks in late 2009 and relaxed the requirements put in only weeks earlier. The regulators also were motivated by a...
  • Debit card fees a rising issue as banks implement new charges for cashless exchanges

    09/21/2011 2:30:47 PM PDT · by lowbridge · 18 replies
    NY Daily News ^ | September 21, 2011 | Jean Chatzky
    But perhaps the biggest wallet-buster I've been noticing lately is bank fees. From Wells Fargo to SunTrust, banks are imposing new or increased charges in the face of new regulations that take effect Oct. 1. The new legislation, called the Durbin Amendment, roughly cut the amount banks can charge retailers who swipe your debit card - known as an interchange fee - in half. That's great for retailers, who were paying an average of 44 cents per transaction, but bad for banks. In some ways, at least, it's bad for customers, too. Here's a look at what you can expect...
  • Moody's Cuts BofA, Wells Fargo Long-Term Ratings

    09/21/2011 11:14:59 AM PDT · by marshmallow · 3 replies
    Moody's cuts long term ratings of Bank of America two notches, Wells Fargo one notch and affirms Citigroup's--Firm cuts short-term rating of Citigroup--Both Bank of America, Citigroup disagree with their respective cutsMoody's Investors Service downgraded Bank of America Corp.'s (BAC) and Wells Fargo & Co.'s (WFC) long-term ratings and the short-term ratings of Citigroup Inc. (C), finishing a more than three-month review by saying it believes the U.S. government is less likely to support the banks if needed. Shares in Bank of America, which received the deepest cut, fell 3.2% to $6.68 in recent trading, while Citigroup's were down 0.3%...
  • Let's Play "Find The Fraud"! What's Wrong With This Assignment?

    09/09/2011 1:01:17 PM PDT · by Chunga85 · 24 replies
    The Foreclosure Hamlet ^ | 9/9/2011 | Capt. Jack
    HINT: MERS assigns to Wells Fargo. Same day, same person, same notary assigns from Wells Fargo to Fannie Mae! Whoopie!
  • US Banks Begin Charging Debit-Card Fees

    08/19/2011 10:33:05 AM PDT · by throwback · 53 replies
    Fox Business ^ | August 17, 2011 | Matthias Rieker
    <p>NEW YORK -(Dow Jones)- Wells Fargo & Co. (WFC) is joining a growing number of banks that are introducing or testing a monthly fee for debit cards, casting around for revenue lost to debit-card regulatory restrictions.</p> <p>Wells Fargo, the nation's second-largest bank by deposits, will charge a $3 fee for debit and automated-teller-machine cards as of Oct. 14 in several states if such cards are used for purchases (but not for ATM usage). The bank said it is a pilot program, and it will monitor how people respond.</p>
  • Too Big To Fail?: 10 Banks Own 77 Percent Of All U.S. Banking Assets

    07/18/2011 2:47:30 PM PDT · by lbryce · 11 replies
    The Economic Collapse ^ | July 18, 2011 | Staff
    Back during the financial crisis of 2008, the American people were told that the largest banks in the United States were "too big to fail" and that was why it was necessary for the federal government to step in and bail them out. The idea was that if several of our biggest banks collapsed at the same time the financial system would not be strong enough to keep things going and economic activity all across America would simply come to a standstill. Congress was told that if the "too big to fail" banks did not receive bailouts that there would...
  • I don't believe this garbage

    03/29/2011 4:00:12 PM PDT · by FourtySeven · 98 replies
    Today | Self
    I thought I'd share this with you all, as some may benefit from this. Today, I was called by Wells-Fargo's fraud protection department to let me know my online ID and password had been compromised. Not only could they not tell me when exactly this occurred, or for what reason, but I was also told, I would have to run a full virus scan before they could restore my access. Now I could easily lie of course, although they make a point of saying that if an online scan truly was not performed, then they are not responsible for any...