AMERICAN DREAM KILLING MACHINE - - - HELLS FARGO
We are just one victim out of 1000's that were scammed by Wells Fargo Home Mortgage this year. When we discovered their crime spree against responsible and struggling homeowners, we pulled our money out of this bank, closed our accounts, refinanced our home and sold our WFC stocks.
Our only regret is that we did not read the complaints and corporate rap sheet of in this criminal enterprise prior to being swindled out of more than $17,000.
We hope that readers of this post will pass along this information to everyone they care about. Our Government, Attorney Generals and Consumer protection agencies won't do ANYTHING to stop them (out of fear of having to use our tax dollars to bail them out again).
WE THE PEOPLE CAN DO SOMETHING! Stop putting your money into this Mega-bank! They are using your money to continue this crime spree!
Ask yourself and everyone you care about: If the following rap sheet belonged to an individual, not a Mega-corporation, would you trust this person with your home, your retirement and your hard-earned money?
WELLS FARO & COMPANY CORPORATE RAP SHEET
Wells Fargo: Corporate Rap Sheet
By Philip Mattera
Wells Fargo has been embroiled in a series of scandals involving reckless lending practices, fraud, customer deception, profiteering, racial discrimination and unjust enrichment schemes at the expense of it's own customers and American taxpayers who bailed them out.
Fined $4.5 million levied by FINRA in February 2009 for violations of mutual fund sales rules;
Fined $1.1 million levied by FINRA on Wachovia Securities and First Clearing in March 2009 for failing to send required notifications to customers;
Fined $1.4 million by FINRA in June 2009 for failing to send disclosure documents to customers;
$40 million settlement in June 2009 of SEC charges that the Evergreen Investment Management business Wells Fargo inherited from Wachovia misled investors about mortgage-backed securities;
$160 million settlement in March 2010 of federal charges relating to money laundering by its customers;
$2 billion settlement with the California attorney general in December 2010 of charges relating to foreclosure abuses;
$11 million settlement in April 2011 with the SEC of charges that it cheated the Zuni Indian Tribe in the sale of collateralized debt obligations;
$148 million settlement in December 2011 of federal and state municipal securities bid rigging charges.
November 2009 it had to agree to buy back $1.4 billion in auction-rate securities to settle allegations by the California attorney general of misleading investors.
May 2011 it was fined $1 million by FINRA for failing to send disclosure documents to customers.
That same month, it agreed to pay up to $16 million to settle charges of violating the Americans with Disabilities Act.
July 2011 agreed to pay $125 million to settle a lawsuit in which a group of pension funds accused it of misrepresenting the quality of pools of mortgage-related securities.
That same month, the Federal Reserve announced an $85 million civil penalty against Wells Fargo for steering customers with good qualifications into costly sub-prime mortgage loans during the housing boom.
November 2011 Wells Fargo agreed to pay at least $37 million to settle a lawsuit accusing it of municipal bond bid rigging.
December 2011, FINRA fined it $2 million for improper sales of reverse convertible securities
December 2011, $2.1 million for failing to properly supervise the sale of exchange-traded funds.
February 2012, Wells Fargo was one of five large mortgage servicers that consented to a $25 billion settlement with the federal government and state attorneys general to resolve allegations of loan servicing and foreclosure abuses. The New York Attorney General later sued Wells Fargo for breaching the terms of that settlement.
July 2012 the U.S. Justice Department announced that Wells Fargo would pay $175 million to settle charges that it engaged in a pattern of discrimination against African-American and Hispanic borrowers in its mortgage lending during the period from 2004 to 2009.
August 2012 Wells Fargo agreed to pay $6.5 million to settle SEC charges that it failed to fully research the risks associated with mortgage-backed securities before selling them to customers such as municipalities and non-profit organizations.
October 2012 the U.S. Attorney for the Southern District of New York filed suit against Wells Fargo, charging the bank with engaging in a “longstanding practice of reckless underwriting and fraudulent loan certification” for thousands of loans insured by the Federal Housing Administration that ultimately defaulted. And in January 2013 Wells Fargo was one of ten major lenders that agreed to pay a total of $8.5 billion to resolve claims of foreclosure abuses.
June 2013 Wells Fargo settled a lawsuit alleging that it neglected the maintenance and marketing of foreclosed homes in black and Latino areas by agreeing to spend at least $42 million to promote home ownership and neighborhood stabilization.
October 2013 Freddie Mac announced that Wells Fargo would pay $869 million to repurchase home loans the bank had sold to the mortgage agency that did not conform to the latter's guidelines.
December 2013 The U.S. Department of Justice accused Wells Fargo of misleading the Department of Housing and Urban Development into believing many of its loans qualified for federal insurance, costing taxpayers hundreds of millions of dollars.
~Fool me once, shame on you!
~Fool me twice, shame on me!
Please help us warn others. DON'T BECOME THEIR NEXT VICTIM!!!
More Review Details
- Monetary loss:
- Product or service
- Home Mortgage Refinance
- Review category
- Loans and Mortgages
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