...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.
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””
Don’t be suckered by the this tabloid of lies. The unqualified people that bought these cars never intended to pay for them. They got the new cars and drove them mostly for free before they had to be repossessed. Most of the loans were race-based forcing lending agents to make loans to people that never intended to pay, just like the housing market collapse of a decade ago.