Feds fine Wells Fargo $250 million for 'unsafe or unsound' home lending practices

[TexasTowelie]

Source: AP

Wells Fargo has been fined $250 million by the Office of the Comptroller of the Currency for “unsafe or unsound practices” related to the bank’s home lending business, according to the bank and the agency Thursday.

The OCC, Wells Fargo’s top federal banking regulator, imposed the penalty on the bank for misconduct “related to material deficiencies regarding the bank’s loss mitigation activities” and violations of a 2018 consent order issued by the agency, according to OCC documents.

The 2018 order required the bank to take a variety of actions to account for deficiencies in its risk management program, including creating a new risk management plan and forming an independent committee to evaluate its progress. The order addressed misconduct related to mortgage and auto loans, among other violations.

“Building an appropriate risk and control infrastructure has been and remains Wells Fargo’s top priority,” Charlie Scharf, Wells Fargo’s CEO, said in a statement. “The OCC’s actions today point to work we must continue to do to address significant, longstanding deficiencies.”

Read more: https://www.charlotteobserver.com/news/business/banking/article254117948.html#storylink=mainstage_card2

[cutroot]

1. Will they even bother to pay it?

Will any of the fine be used to pay back the poor people that they have cheated?

[OldBaldy1701E]

2. Excuse me, Charlie

But if '“Building an appropriate risk and control infrastructure has been and remains Wells Fargo’s top priority...” is what you were trying to do, you failed miserably and probably should resign. I went with WF when I moved up here to Minnesota because our roomie was with them and it made transferring money to him for rent and stuff easier. I tell you now, I am about to let him know that I cannot continue to keep my money with someone who behaves as this bank has done on numerous occasions. F**k Wells Fargo and their unrestrained greed that is perpetrated on their own customers. I would be pissed if this were an isolated incident, but it certainly is not. It seems more like Standard Operating Procedure.

[Sherman A1]

3. Chicken feed

$250M is less than pocket change. Pull the damn corporate charter and watch the rest of the corporations stand up and take notice. This is BS.

[Tomconroy]

4. Oddly, they weathered the 2008 housing collapse quite well. Something's changed.

[elias7]

10. And they were one of the worst offenders of sub-prime loans

Until they start receiving serious penalties, like maybe individuals being held criminally responsible, they have no incentive to stop their avaricious practices.

[Dustlawyer]

15. They called in all of their loans with my old firm. It almost bankrupted the firm which was

forced to borrow at very high rates to pay WF immediately.

[Scruffy1]

17. Banks don't keep these loans.

They are sold in the market for cash.

[The Jungle 1]

5. Man that company is trash!

Boycott them.

[Tadpole Raisin]

6. They pay the fine, they return all I'll gotten gains, they admit wrong doing

And someone goes to jail. Oh and if found guilty of any other crime they lose their charter - in whatever states where they committed crimes - for 10 years.

They are also on probation in other states.

Want to stop bank fraud you hit them where it hurts, jail and their pocketbook.

They’ll change right quick. I could care less if the CEOs are pillars of their community.

[flying_wahini]

7. Remember when Wells Fargo repo'd homes that couldn't PROVE they had been paid off?

If you didn’t have the actual paperwork they did too. People had to take them to court and TRY to get them back.


This is the latest scam by WF, they have done it before.


https://www.osceolaclerk.com/Content/UploadedContent/Examination/EXHIBITS/Wells%20Fargo%20Insiders%20Detail%20Foreclosure%20Fraud%20Practices.pdf

[jaxexpat]

8. Wells Fargo is quite possibly the very worst of all the cartoon banking conglomerates.

They, LITERALLY, steal from 5 year old children. I've got a story.

[AllaN01Bear]

11. wf has been known to raid a trust and raid it even more whilst defending it.

[jaxexpat]

13. Clowns gotta clown.

Another thing about it is that, so long as they get away with this crap, other banks, assuming they're legitimate practices, do it too. And pretty soon, per the "American Way", it's a "constitutionally" guaranteed right........with cheerleaders, politicians and the whole schmear.

[Rocknation]

12. During Gulf War I, They foreclosed on homes owned by those on active duty

in violation of federal law. Yet another apology commercial in 5, 4, 3, 2...cue the official DU "Cry Me A River" String Quartet!


Rocknation

[Stuart G]

16. Evidently Charlie was brought in to solve the problem...He was not in the company in 2018...

Last edited Fri Sep 10, 2021, 11:40 AM - Edit history (1)

when this was done.....

Business Insider has his history of coming to Wells Fargo..to shake up the leadership as a result of
"scandals".........but that site will not allow me to copy a link..

BNY Mellon's CEO leaving to attempt Wells Fargo turnaround
....Here is a headline from a news story when Charlie was brought in.....headline from www.post-gazette.com/....again..no link for this story...sorry..

[mitch96]

18. I did the wells fargo circle jerk looking for a loan. Two and 1/2 months and they jerked me around

That the amt they were willing to lend was a joke.. Plenty of equity to cover the loan. Found a place on line and got approved in 3 days money in my account in one week and paid it off in one year..
Then they have the BALLS to send me a "how did we do" questionnaire.. Then they got upset b/c I trashed them. Chapter and verse on the why's and wearfores on the decision.. all bullshit to make themselves look good... I hate that bank...
Oh yea, they opened an account in my name that I did not authorize. I put a stop to that real quick... assholes YMMV
m

[Bayard]

19. Wells Fargo runs con games

They were supposedly processing a loan modification on my farm in Calif., at the same time they were foreclosing on it. Of course, that practice was outlawed soon after, but too late for me. And what did I get as restitution for losing my home and 40 acres?

$500. I hate them rather passionately, even 10 years later.

[rdking647]

20. wells fargo should be shut down

this isnt their first huge fine for their banking practices.
shut them down and see ho wfast otehr banks get the message

[noneof_theabove]

21. In processs of moving

When my aunt who I lived with the last 30 years passed on May 15, 2021 at 84 [2 weeks short of 85], did not have any paper work in order.
Ok, part was may fault she: you get everything me: stayed silent as I was born in 1954 and you "did not" question an adult.
Well, as Discovery Channel used to say - "question everything".
So, "show me where the papers are incase you die in a car wreck I know where they are.

No will, car title, WF loan, ownership of house [see was youngest of 3 my dad and their older sister.

I can't afford the $970 per month on my SSI $13391 - $190 for insurance.
I found out from a friend that also works for county that all she had to to on retire for Texas County Works [includes teachers] was
to have a beneficiary declared. Nope now I miss the $2400/mth that would have take care of the WF Loan.

The first week of June the local office lied to me and locked her account.
Told me it was SSI that that did it.
No I called them on Thursday [best conversation with big government] to not "auto-deposit" her SSI on Tuesday.
Gave lady all info and her her type and she said done.
Really?
Yes, if it was mailed, it went out and I would have to repay it, but since it was "auto-deposit" she stopped it.

Oh, that lone has 128 to pay out.
They screwed her and no I have abandon the family home built in 1935.

There are no words for my feeling and attitude to Wells Fargo [may be that "DryHole Fuckgo".

Hope they bury WF, worst customer company there is.

BP is climbing so time to go.

[sarcasmo]

22. Like 25 dollars to us average folks. A slap on the wrist.