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10 home loan servicers will pay $8.5 billion in settlement to borrowers
Ten US home loan servicers will pay $8.5 billion in cash and assistance to homeowners for mishandling mortgages under foreclosure over the past two years, US regulators announced Monday. The Federal Reserve and the Office of the Comptroller of the Currency said the servicers, which include leading banks like Bank…
Documents: Government foreclosure audit held off on looking at largest banks
By Paul Kiel, Pro Publica The Obama administration launched its main program to prevent foreclosures in the spring of 2009 with $50 billion and abundant promises. What the Home Affordable Modification Program, or HAMP, lacked u2014 and wouldn’t have for years u2014 was effective oversight of the big banks that…
U.S. sues Wells Fargo for mortgage fraud
NEW YORK — The United States filed suit Tuesday against US banking giant Wells Fargo, alleging mortgage fraud that cost the government hundreds of million of dollars after the holders of the home loans defaulted. The civil fraud lawsuit, filed by Manhattan US Attorney Preet Bharara in New York federal…
Wells Fargo’s website goes down after threat over anti-Muslim video
Wells Fargo’s website was experiencing problems Wednesday, after a threat against US banking firms from a group pledging retaliation for an online video which has sparked unrest in the Muslim world. Wells Fargo said in a Twitter message late Tuesday that its customers “may be experiencing limited access” to the…
Wells Fargo posts record profits
US bank Wells Fargo said Friday it had record profit in the second quarter, with double-digit growth in earnings and strong gains in loans and deposits. Wells Fargo said that net income rose 18 percent in the second quarter from a year ago, to $4.4 billion. Earnings per share also…
Wells Fargo pays $175 million for racist lending
Top US bank Wells Fargo is to pay $175 million to resolve allegations that it charged African-American and Hispanic borrowers higher fees and interest rates than whites, the Justice Department said Thursday. The bank is accused of engaging “in a pattern or practice of discrimination against qualified African-American and Hispanic…
California widow sues Wells Fargo over foreclosure that pushed her husband to suicide
For Oriane and Norman Rousseau, their hopes of keeping the modest California house that had been their dream home ended with a loud noise while Oriane was in the kitchen. She rushed to the bedroom, unsure of what had happened. But when the part-time nurse smelled sulphur, she understood. Opening…
Protesters rally against Wells Fargo CEO for pocketing $20 million after bailout
San Francisco Police arrested 24 protesters apart of a group attempting to shutdown a Wells Fargo shareholder meeting Tuesday afternoon, according to The Bay Citizen. The protest against the bank was inspired by several factors. Organizers rallied against Wells Fargo executives receiving $72 million and CEO John Stumpf pocketing $20…
‘Occupy the Caucus’ protesters arrested at Wells Fargo bank in Iowa
Three people affiliated with the “Occupy Wall Street” movement were arrested at a Wells Fargo branch in Des Moines, Iowa on Wednesday, according to the Associated Press. The protesters said they targeted Wells Fargo because the bank gave $61,500 to Mitt Romney’s presidential campaign. “Wells Fargo along with other banks…
It Takes Two To Lie, One To Lie And One To Be Black
Wells Fargo is being dishonestly accused of targeting black Baltimore residents (Baltimoreans?) based on truly scant evidence: As she describes it, Beth Jacobson and her fellow loan officers at Wells Fargo Bank “rode the stagecoach from hell” for a decade, systematically singling out blacks in Baltimore and suburban Maryland for…
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