Wells Fargo May Have Accidentally Foreclosed 400 Homes

Discussion in 'Finance, Investments, and Careers' started by Brian in Mesa, Aug 11, 2018.

  1. Brian in Mesa

    Brian in Mesa BIM™ Contributor

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    Wells Fargo May Have Accidentally Foreclosed 400 Homes

    http://fortune.com/2018/08/04/wells-fargo-bank-foreclosure/

    Wells Fargo & Co. disclosed another round of lapses and potential scandals in a quarterly report Friday, saying it faces a U.S. inquiry into its purchase of low-income housing credits and conceding it may have unnecessarily foreclosed on about 400 homeowners.

    Government agencies are examining how Wells Fargo negotiated and purchased “certain federal low-income housing tax credits in connection with the financing of low-income housing developments.” The San Francisco-based bank didn’t identify the agencies in the filing.

    Separately, the bank said an internal review found it failed to grant about 625 customers modifications to mortgages even though they qualified for relief — and that it ultimately carried out foreclosures on 400. The bank said it erred when calculating attorney fees for changes between 2010 and 2015, deeming some applicants ineligible. It set aside $8 million to make customers whole.

    The disclosures add to almost two years of revelations about probes, misconduct and other lapses that have taken a toll on the firm’s reputation, business and relations with regulators, who in February imposed an unprecedented cap on the bank’s growth. In some cases, the firm discovered problems itself as part of a broad review its businesses and efforts to overhaul internal controls.

    The scandals began erupting in 2016, when regulators said the bank had opened millions of accounts without customers’ permission, leading to a public outcry and spurring additional scrutiny. Incorrect fees in the firm’s wealth-management unit, inconsistent pricing in the foreign-exchange business, and employees improperly altering documents in the wholesale unit are among other government inquiries at the bank.


     
  2. Dback Jon

    Dback Jon Killer Snail Contributor

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    They need to make this right
     
  3. AZCB34

    AZCB34 Registered User

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    Let's continue to rollback financial regulations.
     
  4. RugbyMuffin

    RugbyMuffin Uh,huhuhuhuhuh

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    I cannot believe the extent people will worry about "punishing people for being successful" when "successful", at least these days, seems to be robbing the public blind, and committing multi-billion dollar crimes at the expense of our country, country men, and sometimes even the whole world.

    Our president has been using charity funds for personal use....that is "successful"?

    Banks are stealing from people, and robbing them blinds .....that is "successful"?

    These types of things should be defended ? And defended against because "spreading the wealth" and "balancing the economy" which are common sense practices are "evil" ?

    Its a ___ed up world when success means I should rob a few banks, setup a fake investment firm, take people's money, and then hide behind the oligarchy defenders suffering from rampant Stockholm Syndrome, and call myself "successful".

    What is the worst that happens ? I get a fine ?
     
  5. Dback Jon

    Dback Jon Killer Snail Contributor

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    Agreed
     
  6. Finito

    Finito Registered

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    That bank is a damn joke.

    Oh it was an "accident" funny how the accident always seems to favor the big corporation.

    Those commercials piss me off everytime I see them now
     
  7. Kel Varnsen

    Kel Varnsen Moderator Contributor

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    My money is on Bank of America to have screwed up worse.


    Sent from my iPad using Tapatalk
     
  8. LVG

    LVG Who?! Contributor

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    Vegas, baby, yeah!
    I'm involved in litigation against BofA. Let me just say: yes, yes they have.

    And I'll leave it there.
     

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