People Are Noticing Wells Fargo’s Pattern of Ineptitude
Everyone makes a mistake. Maybe even two. But when someone makes mistakes over and over again, they can no longer be called mistakes, but rather, must be called purposeful activity.
And when that someone is a large national bank whose mistakes usually involve preying on consumers, it becomes more than what we should have to tolerate.
Scandals are Drawing Attention
People are starting to notice Wells Fargo’s repeated pattern of malfeasance and misfeasance. The Charlotte Observer, located in the home one of Wells Fargo’s own corporate headquarters, recently declared that something had to be done, given the long history of fines, scandals, and lawsuits involving the bank.
CNN declared Wells Fargo to be in a ”bottomless pit of scandal,” and reported that the bank has tried to fix things to avoid a “shareholder revolt.” The Federal Reserve recently told the bank to stop growing, although the company’s CEO remains in charge.
Even the Trump Administration has taken notice, fining the bank to the tune of $1 billion earlier this year over allegations that Wells Fargo charged illegal fees and improper charges on customers of its lending divisions for houses and cars. This is in addition to the $575 million the bank paid to numerous states to settle similar allegations.
A recent report admittedly also shows the Trump Administration buried a report that Wells Fargo was charging college student account holders higher fees than other customers. A report that analyzed the fees charged by banks showed that Wells Fargo charged college students more than any other bank.
Scandals and Allegations
All of this followed the scandal that opened people’s eyes to what the bank was doing—charges that the bank was opening up accounts in people’s names that they didn’t want, didn’t ask for, and in many cases, didn’t even know they had, in order for salespeople to satisfy quotas on the amount of accounts they opened.
There was also the quiet admitting that the bank may have improperly calculated, and thus improperly denied, loan modifications to what appears to be around 900 homeowners during the housing crisis. In calculating whether homeowners were entitled to modifications of their mortgages, the bank incorrectly included foreclosure fees, disqualifying homeowners who should have qualified for modifications.
Recently Wells Fargo agreed to pay $5 million to California and give up its insurance license, after it was revealed that the bank was charging consumers for insurance they didn’t want and they didn’t purchase or know they were purchasing.
Wells Fargo Still Forecloses
The frightening thing is that Wells Fargo continues to foreclose on mortgages. As we’ve learned from news reports, scandal and fraud has plagued all banks’ foreclosure tactics. But when it’s a bank that has such a history of corruption in many other areas of its operations filing a foreclosure, one can only wonder about the legitimacy of those foreclosure court filings.
Are you facing foreclosure? Or do you need assistance with any other consumer protection issues? Contact Jacobs Legal in Miami today to discuss dealing with your debt collectors and mortgage companies.