Wells Fargo to Pay $1.2 Billion to Settle Lending Practices Claims

[Lord Coke]

I didn't see this posted and was surprised. In what other field can you steal billions and get away with it? What I have not seen is how much do they think Wells Fargo actually stole. If they settled at 1.2 billion then it must be billions.



http://time.com/4287458/wells-fargo-lending-practices-suit/

Wells Fargo Bank will pay a $1.2 billion penalty to settle a claim that the bank illegally claimed certain loans were eligible for a federal insurance program, the Justice Department said Friday.

The Justice Department argued that Wells Fargo had lent recklessly and relied on the federal government to pick up the tab when lessees defaulted.

“The $1.2 billion settlement with Wells Fargo is the largest recovery for loan origination violations,” said Housing and Urban Development Secretary Julián Castro. “This monetary figure can never truly make up for the countless families that lost homes as a result of poor lending practices.”

 

[Lustercross]

This would never happen under Bernie Sanders' watch.

 

[ultramanhyata]

I look forward to a day in America when this sort of grand, white collar larceny is "settled" by firing squad.

 

[7437]

Disgusting. Those job creators earned that money you peasents, you should be thankful that they trickle down anything at all.

 

[OverCoronavirus Pressure]

This would never happen under Bernie Sanders' watch.

LOL

 

[OverCoronavirus Pressure]

I look forward to a day in America when this sort of grand, white collar larceny is "settled" by firing squad.

I'd be happy if they went to regular prison instead of rich people's "prison".

 

[Michaelangelo]

Banks stealing money? I am shocked lol.

 

[KONG-D'SNT-TAP]

What's a more disgusting, morally devoid industry. Porno or banking?

 

[OverCoronavirus Pressure]

What's a more disgusting, morally devoid industry. Porno or banking?

Banking.
In porn, when you get fucked, that was part of the contract.

 

[KONG-D'SNT-TAP]

Banking.
In porn, when you get fucked, that was part of the contract.

Lol, can't argue with this at all.

how many millions of examples do people need to see the banks are morally devoid and that even their clients are just tools to make commissions off of.

 

[44nutman]

It would be like if you robbed a bank of 1 million dollars and the judge orders you to pay $750,000 and that is it. That is what happens to all these banks. No wonder they donate millions to politicians, because that money buys you protection.
The whole lobbying thing is a joke. Of course that money comes with strings attached, but most of America don't seem to give a shit.
Instead we talk about 10 people bitching about a GAP commercial, and any other race bait issue that the press decides to feed us and act like one of Pavlovs dogs.
The greatest con of our time is people act like there is a fucking difference between the Republican or Democrats that are in office.

 

[KONG-D'SNT-TAP]

It would be like if you robbed a bank of 1 million dollars and the judge orders you to pay $750,000 and that is it. That is what happens to all these banks. No wonder they donate millions to politicians, because that money buys you protection.
The whole lobbying thing is a joke. Of course that money comes with strings attached, but most of America don't seem to give a shit.
Instead we talk about 10 people bitching about a GAP commercial, and any other race bait issue that the press decides to feed us and act like one of Pavlovs dogs.
The greatest con of our time is people act like there is a fucking difference between the Republican or Democrats that are in office.

Nutman, how many people went to prison after the 2008collpase.

That is the perfect indicator on how protected these people are

 

[44nutman]

Nutman, how many people went to prison after the 2008collpase.

That is the perfect indicator on how protected these people are

I think 1 and he was middle management.
Obama, along with politicians on both sides of the aisle got sweetheart mortgages that were called "Friends of Angelo" FoA loans.
They were named after Angelo Mozilo, who was the crook of an owner of Coutrywide. Chris Dodd who wrote the new lending guidelines bill, know as Dodd-Frank got multiple sweetheart, loans, wrote the new bill. Mozilo, paid a fine and has disappeared.
This could be a plot of a movie, but its real life and nobody talks about it. That is why as a country we are too stupid to make America Great again. This shit would not have happened in the 1940's through 1970s.
Corporations are people except when it comes to breaking the law, because then is a fine and they get to go back to business as usual.

 

[KONG-D'SNT-TAP]

I think 1 and he was middle management.
Obama, along with politicians on both sides of the aisle got sweetheart mortgages that were called "Friends of Angelo" FoA loans.
They were named after Angelo Mozilo, who was the crook of an owner of Coutrywide. Chris Dodd who wrote the new lending guidelines bill, know as Dodd-Frank got multiple sweetheart, loans, wrote the new bill. Mozilo, paid a fine and has disappeared.
This could be a plot of a movie, but its real life and nobody talks about it. That is why as a country we are too stupid to make America Great again. This shit would not have happened in the 1940's through 1970s.
Corporations are people except when it comes to breaking the law, because then is a fine and they get to go back to business as usual.

I worked in the mortgage business before and after the crash. I'm so well versed in this entire scam the banks pulled i can speak about it in my sleep.

But the banks will keep spreading the misinformation that "poor people caused this mess" when in fact they had very little to do with it.