Wells Fargo Will Pay $94M To Settle Class-Action Mortgage Forbearance Lawsuit Wells Fargo will pay $94 million to settle a class-action lawsuit. Plaintiffs argue Wells Fargo unlawfully sent more than 200,000 mortgage borrowers into forbearance during the pandemic. The lawsuit says Wells Fargo also did it without their consent. Plaintiffs argued that the bank provided […]
Wells Fargo Pulls The Plug On Mortgage Lending. The Bank Blames The Economy For The Move There is no other way to put it, Wells Fargo plans to severely shrink its vast mortgage empire. Employees say Wells Fargo even plans to exit the mortgage entirely. The bank once churned out one of every three home […]
Wells Fargo Mortgage Sales Expected To Plummet By 50% For The Second Quarter of 2022 Wells Fargo CFO Mike Santomassimo warned investors that Wells Fargo mortgage sales are expected to drop 50%, Santomassimo blamed higher interest rates that have destroyed the refinance market. Wells Fargo refinance originations are currently down about 82% this point last […]
Federal Prosecutors In Manhattan Launch Another Wells Fargo Criminal Investigation Over Its Sham Hiring Practices Federal prosecutors in Manhattan have launched another Wells Fargo criminal investigation. Investigators say they are investigating bank managers who conducted sham interviews with minority and female candidates. Bank managers allegedly interviewed minority candidates for roles that were already filled. The […]
Wells Fargo Bitch Slapped With $400 Million Investor Lawsuit Alleging Bank Failed To Protect Investors Over Robo-Signing Wells Fargo bitch slapped with a robo-signing lawsuit? Yes, and this time it’s from bond investors. Taconic Capital Advisors filed a $400 million suit against Wells Fargo in New York Supreme Court. The suit alleges the financial giant […]
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