Skip to comments.Wells Fargo Pays $1 Billion to Federal Regulators
Posted on 04/20/2018 9:18:30 PM PDT by catnipman
Wells Fargo will pay two federal regulators a total of $1 billion to settle an array of investigations into its mortgage and auto-lending practices.
Customers were forced to pay for extending the length of so-called interest rate locks on mortgage applications even when the bank was responsible for delays in the application process.
Thousands of customers who bought cars with loans from Wells Fargo were forced to buy unnecessary insurance policies from the bank with premiums that topped a $1,000 a year. The bank said the policies could have contributed to about 27,000 customers having their cars repossessed after defaulting on their loans.
(Excerpt) Read more at nytimes.com ...
and I used to think Merrill Lynch were a bunch of crooks.
BTW, how come the top management of Wells Fargo haven't been put in jail yet?
They probably know the right people! /s;)
“BTW, how come the top management of Wells Fargo haven’t been put in jail yet?”
Good question. Seems Wells Fargo, and Bank Of America are constantly pulling stunts, getting caught, and paying outrageous fines for criminal activities.
Wondering what the criterion is for upper management for these banks that they are such repeat offenders.
And Federal Regulators screw America AGAIN by taking $1 Billion from Wells Fargo thus making the feds $1 Billion richer and the rest of us poorer as prices get forced up because of the feds AGAIN.
We need to take those fines and build the wall
If instead of a fine people went to jail this crap would stop. Wells Fargo should have made proper restitution to the customers and big guys at the top should have went to jail.
I was waiting for someone to post the correct answer.
Once again the customers are still screwed but the feds rake in a mountain of cash. Wonder if this crap is on purpose? My loan is through Wells Fargo Dealer Services. I’m trying to pay it off as fast as I can. I will never have anything to do with Wells Fargo again.
For several years we’ve been buying some owner-financed property; One time a month, my wife cashes her paycheck, drawn on Wells Fargo, and then deposits the cash into the lienholders account (also in Wells Fargo).
Today they told her that, effective May 23rd, Wells Fargo will “NO LONGER ACCEPT CASH DEPOSITS”, and, you will not be able to “DEPOSIT MONEY INTO ANYONE’S ACCOUNT UNLESS YOU ARE A WELLS FARGO ACCOUNT HOLDER, OR, HAVE WRITTEN PERMISSION FROM THE ACCOUNT HOLDER.”
The previous method helped us avoid going to our bank, withdrawing the cash, and then taking it to Wells Fargo.
Of course, we can send them a check, but it all takes time, and, the other way was way more convenient insofar as she works right next to a Wells Fargo.
I’ve never heard of a bank that won’t take cash, or, let you deposit money into any account.
My settlement from the last fiasco was $1
Until some of these executives are paraded around on orange jumpsuits they’re won’t be lesson taught.
in orange jumpsuits
And AGAIN, there’s no perp walk for the bastards responsible for this. AGAIN! Pisses me off.
If you want to commit all kinds of crime and never be punished, either change your name to Clinton or get an executive job at a big bank.
This non-punishment has GOT TO STOP.
A way to force more people to open accounts..
The new Wells Fargo spokes-person
...The bank said the policies could have contributed to about 27,000 customers having their cars repossessed after defaulting on their loans...
$1,000,000,000/27,000 = $37,000. So for each person who lost their car Wells Fargo is paying the Feds $37,000. Not a word about compensation to the individuals who had their cars repo-ed and their credit damaged.
How about we make Wells Fargo buy each of those customers a new car and give it to them, free and clear? That seems more equitable to me, and the Feds can fine them another $1 Billion to keep them from doing it again. And maybe a few years in the clink for the top figures in this scam. Oh, yeah, and clear up the customer's credit. And extra week in prison for every week that 100% of customer's credit is not cleared up. That might incentivize them to be snappy about it.
I guess this payout wont be steered towards left wing groups like during the Obama administration.
LOL - hilarious!
If there was any of this.....
There wouldn’t be any of that.
It isn't unlikely that anyoone who's aware of what's going on, or perhaps even involved in carrying it out, are doing so under duress -- the whole thing sounds like a mob operations..
And yet the customers who were wronged weren’t paid for the crime.
It’s like when I was swindled in a mail order purchase (along with a number of other buyers who never received merch, total sales in the tens of thousands). The brothers running the scam were prosecuted and the government fined their thousands of dollars. While the customers were listed among those who should eventually see reimbursement, it never came and the government made sure they took the stolen cash for their own budget.
Trial lawyers probably also made millions from this Fargo suit.
Every financial class action suit seems only to benefit the lawyers.
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