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Keyword: wellsfargo

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  • North Texas Investor Takes on Wells Fargo in Ad

    10/07/2016 11:51:41 PM PDT · by nickcarraway · 30 replies
    NBC DFW ^ | Oct 6, 2016 | Julie Fine
    A North Dallas man is so angry with Wells Fargo, he has taken out a full-page ad in The Dallas Morning News and three other newspapers Thursday to the tune of a quarter-of-a-million dollars. Lacy Harber, 80, of Dennison, says he lost close to $5 million one day alone in a dealing with one of the branches of Wells Fargo. It has been very upsetting to both Harber and his wife, and in his full-page ad, he used the words "greed," "dishonesty," and "betrayal" in describing the San Francisco-based banking giant. Harber says he is a longtime customer, and Wells...
  • Heat Rises on Wells Fargo CEO After Lawmaker Grilling

    10/03/2016 5:51:51 AM PDT · by upchuck · 10 replies
    Newsmax ^ | Sep 21, 2016
    ... The white-haired, 63-year-old CEO repeatedly told a congressional panel that he had to check with staff, lacked information or was not an "expert" on a range of topics including executive compensation, credit scores and contracts that must be signed to open an account. Earlier this month, the lender agreed to pay $190 million in penalties and customer payouts to settle the case involving the creation of credit, savings and other accounts without customers' knowledge. About $5 million will directly go to customers, many of whom might have paid a small fee on the unwanted accounts. His responses gave plenty...
  • U.S.: Wells Fargo illegally repossessed 413 service members' cars

    09/29/2016 11:07:10 PM PDT · by Enterprise · 29 replies ^ | September 29, 2016 | Jackie Wattles
    Wells Fargo will pay $24 million to settle allegations that it mistreated members of the military -- including illegally repossessing their cars. The bank, already reeling from a scandal over fake accounts, will pay $4.1 million to settle Justice Department charges that it seized 413 cars owned by service members without a court order, a violation of federal law. The Justice Department said the illegal repossessions took place from 2008 to 2015. The first complaint came from an Army National Guardsman in North Carolina who said the bank seized his car while he was preparing to deploy to Afghanistan. Wells...
  • Breaking-Dem Convention Finally Reveals Its List of Corporate Influence Buyers

    09/28/2016 12:45:37 AM PDT · by Brad from Tennessee · 10 replies
    Observer ^ | Septemer 27, 2016 | By Michael Sainato
    Corporate interests and influences have gained a great deal of ground in the Democratic Party under Hillary Clinton’s candidacy. For example, Clinton’s 2008 campaign co-chair, former Democratic National Committee (DNC) Chair Debbie Wasserman Schultz rescinded a DNC ban enacted by Barack Obama in 2008 on donations from lobbyists and SuperPACS. The decision helped Clinton keep up with Bernie Sanders’ grassroots fundraising. . . --------------------------------------------------------------------------snip--------------------- According to the filing report, some of the donors include George Soros’ son, Alexander, who gave $200,000; Priorities USA, a SuperPAC funded by George Soros, gave $1.5 million; Bank of America gave $1 million; Chevron gave...
  • Debate Preview, Charlotte Riots, USA Under Siege … [Radio]

    09/24/2016 7:01:03 AM PDT · by Randall_S · 5 replies
    USA Transnational Report ^ | September 27, 2016 | USA Transnational Report
    Each passing week brings us closer to the most critical election of our lifetimes, and with each passing week we learn vividly what is actually at stake. Monday’s debate promises to be the most watched in the nation’s history, and why not? As Obama finishes his eighth year in office, the United States is practically disintegrating under the weight of terrorism – from both jihadis and faux civil rights groups like Black Lives Matter. Last weekend and into Monday morning, a would-be mass murder planted a series of bombs across New York and New Jersey. Only dumb luck spared the...
  • Senators Call For ... Wells Fargo As Warren Buffett Vows To Keep Silent Until After Election

    09/22/2016 4:48:03 PM PDT · by Rusty0604 · 11 replies
    Zerohedge ^ | 09/22/2016 | Tyler Durden
    That did not take long. Just hours after a CNN report suggested that Wells Fargo was retaliating, and firing, company whistleblowers who had spoken out against the company's illegal "account creation" practices (while blaming them of being "tardy"), moments ago Reuters reported that Senators have asked the Labor Department to investigate Wells Fargo for potential violations of Fair Labor Standards Act. To be sure, now would be a perfect time for Wells Fargo's biggest shareholder, Warren Buffett - who owns a 10% stake in WFC - to speak up in defense of his favorite US bank, alas that won't happen....
  • Warren Buffett buys more Wells Fargo stock on a dip [Hillary supporter is its largest stockholder!]

    09/20/2016 11:29:45 AM PDT · by SoFloFreeper · 10 replies
    Market Watch ^ | 3.29.2016
    Warren Buffett showed that the selloff in Wells Fargo & Co.’s stock this year has just made him love the banking giant even more, as he boosted his stake in the company to 504.3 million shares, according to regulatory filings. Buffett’s investment vehicle Berkshire Hathaway Inc. BRK.B, +0.01% now owns 10% of Wells Fargo’s common stock outstanding, making him by far the largest shareholder. That is up from 479.7 million shares, or a 9.45% stake, as of Dec. 31, filings show.
  • Elizabeth Warren's epic takedown of Wells Fargo CEO

    09/20/2016 11:07:57 AM PDT · by um1990 · 82 replies
    CNN Money ^ | 09/20/2016 | Matt Egan
    Elizabeth Warren unleashed a verbal barrage at Wells Fargo CEO John Stumpf on Tuesday, calling the embattled bank boss "gutless" and demanding he step down. "You should resign...You should be criminally investigated," Warren told Stumpf during a fiery one-sided exchange at the Senate Banking Committee's Wells Fargo hearing. Warren, a vocal critic of big banks like Wells Fargo, demanded both the Department of Justice and SEC criminally investigate Stumpf for his "gutless leadership." Last week, a U.S. official told CNN that the DOJ has issued subpoenas to Wells Fargo.
  • Animated videos might doom Wells Fargo

    09/17/2016 11:29:35 AM PDT · by sparklite2 · 32 replies
    New York Post ^ | September 16, 2016 | By Kevin Dugan
    A series of cutting animated videos blasting Wells Fargo’s sales incentives are getting a new life online in the wake of the bank settling federal regulatory probes that found its employees created more than 2 million bogus accounts — slamming customers with $2.6 million in fees — in order to meet branch quotas. “If tellers and bakers make those sales numbers at the end of the month everybody in the branch will get a $5 gift card to McDonalds,” the manager says in the video. “The district manager will get a $10,000 cash bonus, and the community banking president executive...
  • Wells Fargo Exec Who Headed Phony Accounts Unit Collected $125 Million

    09/14/2016 11:16:39 AM PDT · by Wolfie · 15 replies
    Fortune ^ | Sept. 12, 2016
    Wells Fargo Exec Who Headed Phony Accounts Unit Collected $125 Million Wells Fargo & Co’s “sandbagger”-in-chief is leaving the giant bank with an enormous pay day—$124.6 million. In fact, despite beefed-up “clawback” provisions instituted by the bank shortly after the financial crisis, and the recent revelations of massive misconduct, it does not appear that Wells Fargo is requiring its former consumer banking chief Carrie Tolstedt to give back any of her nine-figure pay. Until recently, Tolstedt was in charge of the unit where Wells Fargo employees opened more than 2 million largely unauthorized customer accounts—a seemingly routine practice that employees...
  • Wells Fargo is a Bank, Not a Center for Political Activism

    09/13/2016 2:39:19 PM PDT · by Kaslin · 30 replies ^ | September 13, 2016 | Susan Stamper Brown
    If Wells Fargo was focused on bank charges and interest rates rather than political hot button issues, perhaps they wouldn’t have had to fire thousands of employees for ripping off customers and be liable for millions in fines.In a recent press release, the Consumer Financial Protection Bureau [CFPB] recounted that Wells Fargo Bank, N.A. will pay “the largest penalty the CFPB has ever imposed,” $185 million, because thousands of Wells Fargo employees “covertly” opened “more than two million deposit and credit card accounts,” transferring funds from consumers’ authorized accounts without their knowledge or consent, often racking up fees or other...
  • 5,300 Wells Fargo employees fired for creating over 2 million phony accounts

    09/08/2016 1:14:35 PM PDT · by Red Badger · 136 replies ^ | September 8, 2016: 3:52 PM ET | by Matt Egan
    <p>Everyone hates paying bank fees. But imagine paying fees on a ghost account you didn't even sign up for.</p> <p>That's exactly what happened to Wells Fargo customers nationwide.</p> <p>On Thursday, federal regulators said Wells Fargo employees secretly created millions of unauthorized bank and credit card accounts -- without their customers knowing it -- since 2011.</p>
  • Wells Fargo apologizes for ads appear to favor science over arts

    09/08/2016 12:41:30 PM PDT · by BenLurkin · 34 replies ^ | Sep 6, 2016 - 12:55 PM
    “A ballerina yesterday. An engineer today. Let’s get them ready for tomorrow,” one ad read. The ads were intended to celebrate the aspirations of young people, but fell short of the goal, the company said in an apology on its Twitter account. “An actor yesterday. A botanist today. Let’s get them ready for tomorrow,” another ad read. The bank, which is based in San Francisco and has its largest employment hub in Charlotte, tweeted out an apology Saturday. The bank said it gave $93 million last year in support of the arts, culture and education. We offer our sincere apology...
  • Wells Fargo Won’t Do Business With Online Knife Sellers

    08/11/2016 9:27:34 AM PDT · by milton23 · 16 replies
    Daily Signal ^ | 8/10/16 | Kelsey Harkness
    A major knives manufacturer from central California says his company was denied access to an internet payment processing service because they sell weapons online, raising questions about whether an anti-fraud program called Operation Choke Point is continuing to block legal businesses in the firearms and weapons industries from accessing basic banking services.
  • Wells Fargo Tells Knives Dealer It Doesn’t Provide Service to Businesses That Sell Weapons Online

    08/10/2016 4:12:09 PM PDT · by bkopto · 61 replies
    Daily Signal ^ | Aug 10, 2016 | Kelsey Harkness
    A major knives manufacturer from central California says his company was denied access to an internet payment processing service because they sell weapons online, raising questions about whether an anti-fraud program called Operation Choke Point is continuing to block legal businesses in the firearms and weapons industries from accessing basic banking services. “It was pretty simple and straightforward,” Aaron Hogue, co-owner of Hogue Inc., said of the situation he faced with Wells Fargo bank. “They called my controller, and said, ‘Sorry, but we’re not going to be able to process any credit card transactions for the sale of weapons online.’”...
  • Man Finds $32,000 CD, But Bank Won't Cash It

    07/27/2016 9:33:25 PM PDT · by nickcarraway · 66 replies
    NBC Bay Area ^ | 7/27/16 | Chrs Chmura, Christine Roher, Joe Rojas and Carrie McParland
    Craig Haskell says his grandmother saved everything. So, even though she died in 1998, he just recently found something of hers in a safe deposit box: a certificate of deposit from 1997. "I just took it out and I looked at it and said, 'Oh my god. That’s $32,000,'" he explained. The paper reads $32,308.97, to be exact, with Haskell's name on it. But when he tried to cash the CD, Wells Fargo denied him. "She’s gone now; I have the death certificate to prove it," Haskell said. "My name’s on the check. And Wells Fargo can’t tell me what...
  • Amazon To Issue Student Loans To New "Prime" Shoppers

    07/23/2016 10:08:07 AM PDT · by Lorianne · 32 replies
    Zero Hedge ^ | 21 July 2016 | Tyler Durden
    On the off chance the US didn't already have a big enough problem thanks to a staggering $1.3 trillion in student loans which contrary to White House' claims, are crushing an entire generation under their interest expense weight, earlier today none other than billionaire Jeff Bezos announced he was entering the student loan business, when Amazon unveiled a partnership with Wells Fargo in which the bank’s student-lending arm would offer interest-rate discounts to select Amazon shoppers. In Amazon's latest attempt to entice shoppers into its premium Prime program, Wells Fargo will cut half a percentage point from its interest rate...
  • Wells Fargo: Proudly Plunging Toward Bankruptcy

    06/23/2016 4:55:05 AM PDT · by Kaslin · 84 replies ^ | June 23, 2016 | Mike Adams
    Market watch recently reported that Wells Fargo stock has plunged into its greatest losing streak in nearly nine years. This comes as little surprise given the fact that the company has experienced a takeover at the hands of radical leftists. Leftists may be experts in certain things like organic gardening, herbal healing, and folk music. But they are not known for their expertise in economics and personal finance. In case you have missed Wells Fargo’s recent radical political shift, here are some of the highlights:-GOP Convention Boycott. It is pretty difficult to imagine a bank boycotting a major political party...
  • Wells Far Gone

    04/19/2016 6:17:47 AM PDT · by Kaslin · 77 replies ^ | April 19, 2016 | Mike Adams
    Dear Wells Fargo Customer Service: Recently, a friend sent me a picture of your 54-story Charlotte headquarters lit up with the colors of the transgendered pride flag. I attempted to contact you privately to register my strong objection to your company’s decision to take the wrong side in the nation’s raging cultural war. Unfortunately, your website was not sufficiently inclusive. It only allowed me 1,000 characters of space to leave a comment. It’s going to take a lot more than that so I decided to make this issue the subject of my weekly opinion column. This isn’t my first negative...
  • Toxic oil loans create trouble for big banks

    04/14/2016 9:45:02 AM PDT · by PAR35 · 7 replies
    CNN ^ | April 14, 2016: 11:55 AM ET | Matt Egan
    ... Bank of America (BAC) on Thursday announced it set aside $997 million to protect from loan losses, mainly in the bank's $22 billion energy portfolio. Wells Fargo (WFC) warned of "significant stress" and "deterioration" in the oil and gas space. The problems there forced Wells Fargo to add $200 million in loan-loss reserves, its first increase to this rainy-day fund since 2009. And JPMorgan Chase increased its provisions for credit losses by 88%, mostly due to the oil, natural gas and pipeline business. It was enough to cause JPMorgan's (JPM) first drop in profits since late 2014. ...
  • Wells Fargo lights up North Carolina tower with colors of transgender flag

    04/04/2016 4:05:14 PM PDT · by artichokegrower · 50 replies
    San Francisco Chronicle ^ | April 4, 2016 | Amy Graff
    Human rights activist Scott Bishop was at an International Transgender Day of Visibility rally in Charlotte, N.C., on Thursday, when he looked up and saw the sky aglow with the colors of the transgender pride flag. To show support for the state's LGBT community, Wells Fargo lit their Duke Energy Center in an array of pinks, whites and blues.
  • J.P. Morgan’s exposure to oil, gas debt has Wall Street jittery

    02/24/2016 6:09:07 PM PST · by Lorianne · 4 replies
    Market Watch ^ | 23 February 2016 | Mark DeCambre
    J.P. Morgan Chase CEO Jamie Dimon is focused on building a so-called fortress balance sheet at his behemoth bank. To that end, he said the bank JPM, +0.04% has added around $500 million to its reserves against loans losses in the oil-and-gas sector in the first quarter of 2016. The move comes as crude-oil prices have fallen about 12% so far this year and have plunged 34% over the past 12 months, putting the finances of energy companies under pressure. Offering details about its balance sheet at an event for investors in New York on Tuesday, the sprawling bank said...
  • The World's Biggest Banks May Very Well Grow Even Larger

    02/23/2016 7:11:16 PM PST · by Tolerance Sucks Rocks · 14 replies
    Fortune ^ | February 23, 2016 | Eleanor Bloxham
    Ever since the financial crisis, many outside the wealthy elite (sometimes referred to as populists) have argued that the largest banks are too big and too risky. Minneapolis Federal Reserve president Neel Kashkari recently echoed those beliefs.Yet if a new Federal Reserve proposal goes through, Wells Fargo and other large banks might get even bigger and riskier, adding billions to their balance sheets that could increase the banks’ risk profiles.The Federal Reserve says the proposal, which specifies the amount and kind of debt that systemically important large banks must hold, could help make sure that those banks can be wound...
  • Meet the 41 Companies That Donate Directly to Planned Parenthood

    07/22/2015 1:21:17 AM PDT · by Morgana · 26 replies ^ | July 21, 2015 | Melissa Quinn
    In the wake of two videos allegedly showing Planned Parenthood officials discussing the sale of aborted fetal body parts, Republicans in Congress are working to ensure that Planned Parenthood is stripped of its federal funding. However, it’s not only the government that fills Planned Parenthood’s coffers. According to 2nd Vote, a website and app that tracks the flow of money from consumers to political causes, more than 25 percent of Planned Parenthood’s $1.3-billion annual revenue comes from private donations, which includes corporate contributions. 2nd Vote researched the corporations and organizations to find which supported Planned Parenthood and found that more...
  • Psychic Capital: Tech and Silicon Valley Turn to Mystics for Advice

    07/19/2015 1:36:23 PM PDT · by nickcarraway · 8 replies
    SF Weekly ^ | Wednesday, Jul 15 2015 | Jeremy Lybarger
    The names of the tech workers in this story have been changed.Ten thousand miles from Silicon Valley, in a room near the Black Sea, Yegor Karpenchekov dreams of money. At night, while the rest of Odessa sleeps and cocaine smugglers drift in and out of the port under cover of darkness, Yegor logs onto FaceTime and talks to a 70-year-old woman in San Francisco. Her name is Sally Faubion, and five months ago she recruited Yegor from the freelancer marketplace UpWork to code her apps. She believes "divine intervention" brought them together; for Yegor, it was likely $20 per hour...
  • Eric Holder Returns as Hero to Law Firm That Lobbies for Big Banks

    07/07/2015 8:38:03 AM PDT · by Brad from Tennessee · 14 replies
    The Intercept ^ | July 6, 2015 | By Lee Fang
    After failing to criminally prosecute any of the financial firms responsible for the market collapse in 2008, former Attorney General Eric Holder is returning to Covington & Burling, a corporate law firm known for serving Wall Street clients. The move completes one of the more troubling trips through the revolving door for a cabinet secretary. Holder worked at Covington from 2001 right up to being sworn in as attorney general in Feburary 2009. And Covington literally kept an office empty for him, awaiting his return. The Covington & Burling client list has included four of the largest banks, including Bank...
  • 3 Good Reasons Every Christian Should Close Their Wells Fargo Account Right Now

    06/15/2015 4:39:22 PM PDT · by xzins · 101 replies
    Charisma News ^ | 6/15/2015 | DEBORAH HAMILTON
    Wells Fargo already lost a multi-million-dollar customer last week. Now, the bank can expect to lose a few more. American Family Association (AFA) has sent an Action Alert to its hundreds of thousands of friends and supporters, urging Christians to close their Wells Fargo accounts, as the financial institution becomes an even more staunch supporter of the LGBT lifestyle. "For years, Wells Fargo has supported a lifestyle that is not in line with biblical standards, so now it's time for Christians to pull their business from the bank," said AFA President Tim Wildmon. "Franklin Graham said it best. Banks should...
  • Wells Fargo Commercial: Learning Sign Language (lesbians adopt a deaf child)

    05/23/2015 10:07:49 AM PDT · by Salman · 8 replies
    Wells Fargo verified YouTube account ^ | Apr 23, 2015 | Wells Fargo verified YouTube account
    A couple learns a new language to welcome a new addition to their family. See how Wells Fargo is always there to help you prepare financially for life’s biggest moments.
  • Wells Fargo charged with opening accounts without permission

    05/05/2015 11:36:54 AM PDT · by Timber Rattler · 16 replies
    CNN, via ^ | May 5, 2015 | Chris Isidore
    Wells Fargo is accused of opening up accounts and credit cards in customers' names without their authorization. The complaint charges that bank employees opened new accounts for existing customers without their authorization, in order to meet sales quotas. The employees also allegedly transferred money from customers' authorized accounts to pay fees on the unauthorized accounts. When fees on unauthorized accounts went unpaid, some customers were placed into collection. Others had negative information placed on their credit reports as a result.
  • Southwest Airlines, Comcast, Office Depot Sponsor Homosexual...Conference Featuring ‘Gay Jesus'

    02/06/2015 12:37:53 PM PST · by daniel1212 · 57 replies
    Americans for Truth ^ | 2-6-15 | Peter LaBarbera
    Southwest Airlines is among the major corporate sponsors of the 2015 “Creating Change” conference, an annual event drawing thousands of homosexual, bisexual, transgender, “queer” and “kink” (sadomasochistic) activists from across the country. The massive gathering of LGBTQueer activists opens today in Denver and includes a screening of a documentary film celebrating a “gay”-authored play casting “Jesus” as a homosexual. The documentary, “Corpus Christi: Playing with Redemption,” celebrates the 1998 play “Corpus Christi,” by homosexual playwright Terrence McNally, in which “Joshua,” representing Jesus Christ, is cast as a homosexual who as a teenager had homosexual sex with Judas (who later becomes...
  • Smoking Gun? Tape Recordings Reveal the Real Reason Bank Closed Gun Seller’s Account

    01/14/2015 4:28:44 PM PST · by barmag25 · 33 replies
    Daily Signal ^ | 01/14/15 | Kelsey Harkness
    Another gun seller says his firearms business was forced to shut down its bank account as a result of the government’s secretive initiative known as Operation Choke Point. This time, he’s offering audio recordings to prove it. Mike Schuetz is a former state employee who worked as a probation and parole officer for eight years in Hawkins, Wis. After working for the state, he told Breitbart News that he decided to open a private investigation business and operate a gun store on the side. His store, Hawkins Guns LLC, sells both firearms and ammunition. To manage his finances, Schuetz set...
  • 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 ^ | 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...
  • 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 ^ | 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 ^ | 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...