Here's page three of the of the enforcement order for Matthew Raphaelson.
From AT LEAST 2002 until 2016, the Community Bank had a systemic sales
practices misconduct problem.
Denial is the first stage of grief.....if you stop lying to yourselves you'll eventually reach acceptance.
https://www.occ.gov/static/enforcement-actions/ea2020-051.pdf
i think the op means on this site. theres been a lot of that on here for some reason. wachovia may have had pick a pay but so did every other mortgage co out there, including int only loans at the time. Then they have said there were lots of loan mod probs. there were but there werent. some things couldnt be helped but we remediated them anyway to be extra careful. wachovia seemed to be better than norwest in my opinion
Plenty of blame to go around on both banks.
Wells Fargo for the toxic sales culture going back to D–k Kovacevich days. Let’s not forget that he had tarnished Norwest’s reputation so heavily that they had to take Wells Fargo’s name when they merged.
And then Wachovia with the risky acquisition of Golden West Financial, at the height of the housing bubble, and the infamous Pick-a-Pay loans. The word on WCHV was they never could figure out how to grow organically, only through acquisitions.
I am scratching my head how these sketchy big bank CEOS keep collecting the big salaries and stock option packages. And the fraudulent behaviors and the over the top packages just keep on coming.
Interesting, so Wells had a corrupt sales culture and Wachovia couldn't properly manage risk....sound like a match made in heaven.
I've never heard anyone blaming Wachovia. I can easily traced aspects back to Wells, legacy Norwest etc...
Do lots of people blame Wachovia? I've never heard that, except on this site. That's silly.
I remember shortly after the merger, folks working at past-wachovia branches started quitting. It was described as them hating the "heavy sales culture" at WF. Now we know that was code. Now we know what that really meant.
Dates don't line up to blame Wachovia, plus all you have to do is read the Board report from a few years ago. The "sell or die" culture came from Norwest, in the form of Carrie etc.
I'm legacy Wells, so not blindly loyal to Wachovia. I just don't see the point on blaming one side or the other. Let's just root out any of the rot that is left, applaud when the OCC imposes fines and bans, and move on.